Location: Online (Zoom)
Address: Null, TX N
Prior to the class, registrants will receive an email with instructions on how to join the class online via Zoom. To participate in the class, a registrant must have a Web camera so that that the instructor can see them for the entire length of the class. For CE credit classes, attendees must be in front of the camera the entire length of the class to receive credit. Attendees will be asked to hold their ID up to the camera, so that their identity can be confirmed for TREC credit. CCAR will send attendees the TREC completion roster to sign electronically.
Wraps, Trusts and Other Creative Strategies
Course #: 36020 Provider #: 0001, Hour: 1 CE
Instructor: Heather Anderson
This class is perfect for the real estate professionals working with investor clients, as it helps them understand the use of trusts and wrap-around transactions that prove beneficial. This form of creative seller-financing leaves the original loan and lien on the property in place when the property is sold. The buyer makes a down payment and signs a new note to the seller (the “wrap note”) for the balance of the sales price. This wrap note, secured by a new deed of trust (the “wrap deed of trust”), becomes a junior (subordinate) lien on the property. The buyer makes monthly payments to the seller on the wrap note and the seller in turn makes payments to the original lender. The original lender’s note is referred to as the “wrapped note,” and it remains secured by the “wrapped deed of trust.” The buyer receives a warranty deed (general or special) which transfers title to the property into the buyer’s name.
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