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o/t Deed of trust ( kinda long)


 
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kito169
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Joined: 13 Feb 2007
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PostPosted: Thu Oct 11, 2012 4:08 am    Post subject: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

Good morning everyone. I am fixing to sell a home and property and carry the note myself. In the past I have had a real estate attorney draw all the papers up. He always makes a Warranty Deed and a Deed of Trust w/seller finance, both. The Deed of Trust shows him as the Trustee. From what I can find out the trustee handles the situation if the buyer defaults on the loan. I"m trying to save some money so I wondering if the trustee part is neccessary. Can I just make a mortgage note with a property description and time period and consequences if buyer defaults. I would like to here of anyone"s experiences with a similar situation. Thanks Rick
 
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Dachshund
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Location: Nebraska

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PostPosted: Thu Oct 11, 2012 4:48 am    Post subject: Re: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

Get a lawyer....
 
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Nancy Howell
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PostPosted: Thu Oct 11, 2012 4:53 am    Post subject: Re: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

The money you spend on a lawyer could save you thousands. Its worth it to make sure its done right.
 
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Mike (WA)
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PostPosted: Thu Oct 11, 2012 5:02 am    Post subject: Re: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

This is a poor place to economize. I do seller finance docs for $150. The average cost to straighten out some mess that somebody put together on the hood of their pickup runs about 2 grand.

There are 3 ways to accomplish a seller financed sale in Washington- Deed, Note and Deed of Trust, Real Estate Contract, and Deed, Note and Mortgage. I actually prefer a Real Estate Contract from the seller's standpoint, but Note and Deed of Trust also works fine. Real estate mortgage comes in a very distant third, because of the cost of foreclosure.

Can you "just make a mortgage note with property description and time period and consequences if buyer defaults?" Short answer- no.
 
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Coloken
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PostPosted: Thu Oct 11, 2012 5:50 am    Post subject: Re: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

Don't do it. If he defaults it could take years to get it back.
Better to do a sales contract where he gets it only after paying.
Get a lawyer.
 
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DeltaRed
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PostPosted: Thu Oct 11, 2012 6:20 am    Post subject: Re: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

"Spend a dollar to save a nickel".Service manager at the 'dealership' used to say "Those farmers will not spend $5 on a raincap on the muffler,But they would sure spend $5000 on a new engine.....
 
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Walt Davies
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PostPosted: Thu Oct 11, 2012 9:00 am    Post subject: Re: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

To bad you guys don't have title companies like we do out here on the west coast. You take information in to them and they set it up collect the money charge any late fees and take care your repo or make sure the new owner has insurance.
I did this and it was well worth the very small cost.
Walt
 
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Dick2
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PostPosted: Thu Oct 11, 2012 9:27 am    Post subject: Re: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

Get a REAL ESTATE lawyer. Not every lawyer is qualified. Your county or state, or the state Bar Association should have a list of lawyers and what their expertise is. Hire the best - so you can rest.
 
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John T
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PostPosted: Thu Oct 11, 2012 9:55 am    Post subject: Re: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

An an attorney, when preparing the legal documents for a seller financed sale and am representing the BUYER, I might suggest the seller to give my client a warranty deed and take back a promissory note secured by a Mortgage (I prepare) with payments held in escrow at a local bank pursuant to an escrow agreement I also prepare. HOWEVER If I'm representing the SELLER I might suggest a NON recorded "Conditional Land Sale Contract" and the Contract states if and when the purchase price is paid in full a warranty deed will be delivered. I also throw in some default and reposession language (as the law permits) if the Buyer fails to pay and liquidated damages etc etc buttttttt state law has done away with some of the more harsh terms as public policy and once a certain amount of equity has been earned the Seller has to foreclose just like a bank would....WHATEVER HAPPENED TO THE COMMON LAW DOCTRINE OF FREEDOM OF CONTRACT LOL

PLUS there are all sorts of other ways to approach this......

Hopefully from my and co counsel Mikes comments and others, you will come to realize THIS QUESTION SHOULD BE ANSWERED BY A LOCAL PROFESSIONAL REAL ESTATE ATTORNEY AND NOTTTTTTTTT BASED ON LAY OR EVEN PROFESSIONAL ADVICE OFFERED HERE!!! Theres too much at stake and too great are the risks to base a decision on non professional advice, especially absent a thorough research of your states laws..

Nuff said

John T
 
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hd6gtom
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PostPosted: Thu Oct 11, 2012 10:15 am    Post subject: Re: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

My wife decided to print a contract from the internet and sell a house we owned. I was away at the time and told her not to do it.. she did it anyway. The old broad she sold it to made 8 or 9 payments, It took me 3 years and a good lawyer to get her out. cost me 10000.00 to fix the stuff she tore up or destroyed. GET an Attorney.
 
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kyplowboy
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PostPosted: Thu Oct 11, 2012 11:26 am    Post subject: Re: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

I am going to jump on the band wagon here. Know why lawyers can charge so much for their services? Because they are worth it. Smile Some of the best money I have ever spent has been spent on lawyers, never regreted one dime.

Dave
 
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Bendee
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PostPosted: Thu Oct 11, 2012 5:37 pm    Post subject: Re: o/t Deed of trust ( kinda long) Reply to specific post Reply with quote

The concensus is ...Get a Lawyer..
Buy his" piece of mind" so as you can have your " peace of mind."
 
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