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Hi guys,
I’m looking to purchase a property in Louisa, VA from a family member subject to the existing mortgage. I’ve never done this in VA, and the closing attorneys we’ve spoke with are scaring off my family member from doing this deal.
The family member has been ill the last few years and is interested in selling the land, but nervous about the due on sale clause. He’s gone to a trust attorney to talk about the trust paperwork I provided and then was referred to a Real Estate attorney that told him because the property is not his primary residence, putting it into trust would not disqualify him from the due on sale provisions of the Garmin St Germain regards.
I’m thinking he could just add me to the title and we could sign a separate ownership affidavit agreement keeping $25,000 of ownership in the property (which is what I’ve agreed to pay him at $100/month until paid off).
Do you have any recommendations for a closing attorney that we could close this transaction with in VA that does subject to deals?
Thanks,
JP
Try the law office of Barry Clark (RGS Title) He is familiar with the various why of purchasing. He also invest.
540-374-9174 or [email protected]HI JP
Talk to Earl Lawrence at http://virginialandtrustservices.com/
He’s the pro with land trusts in Virginia – and even acts as your trustee
and he will surely know the best title company who is knowledgeable about closing a subject to in to a land trust.
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