Discussion Forum

Creative joices flowin...

Posted by: NewB
Posted on : 1/29/2010 7:02:45 PM

Okay so I'm in TX...no lease option/Land Contracts - not illegal just too darn difficult. Too much restrictions.

While TX has quick foreclosure laws which makes a straight owner financing (buyer gets deed) not as bad as some states - there may be situations where you just don't wanna part with deed until buyers pays off.

So can I do this??

- Put the property in a trust.
- Beneficiary Interest is divided based on down pmt from buyer - e.g. 90%/10%.
- Instead of doing the usual Contract for Deed (which is an executory contract that TX law makers just don't like) - I do a "Contract for Beneficial Interest" (which is personal property and does not fall under the same laws as the standard CFD)
- Buyer pays as he would have on a standard CFD.

- Comments????
- Would sucha scenario make it difficult for buyer to refi?
-What if buyer wants to sell? I guess we can do a double closing here - deed from me to buyer then deed from buyer to new buyer.

Your cmments well appreciated.