Buying under your Trust name
Does anyone know if Chase will allow a cash buyer to purchase the property under his Trust Name. I thought I have tried this before and they said no. I know its easy to just purchase it under his name then change it to his trust but it would be easier for him to just purchase it under his trust.
Thank you
Replies to This Discussion
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Permalink Reply by James Lockard on
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Usually in the Chase acceptance letter there is a clause stating " No LLCs, Incs, or business' of any kind accepted for the buyer. The Buyer must be an individual. No trusts in buyers and/or seller's names. "
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Permalink Reply by Mark Raatz on
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One suggestion is to form an LLC. On the Offer to Purchase the Buyer is his name. He should also sign the offer to purchase with his name. Then, on or below the signature line he should print his name and the phrase: for Blah Blah, LLC. It must be a legitimate LLC because he may be asked to produce the articles of incorporation.
I am not an attorney nor am I giving legal advice. Consult with an attorney. (although, my kids said Ishould have been an attorney because I usually asked them a question I already knew the answer to) -
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Permalink Reply by James ferebee jr on
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I have used Trust and have had no problems, they want to see the Trust Doc's then after review I have received the approval with no problems.
Sometimes it depends on the rep you are working with.. -
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I'm impressed James. I was under the impression that no banks would accept trusts. What other banks have you been able to do trusts with?
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