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Answers (3)
Best Answer
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Love this questions, community land trust has been around for over 40 years. Its basically a co-op type of trust that offers up affordable housing.The corporation that runs it is generally a non profit that aquires and basically runs the property for its residents. In most of the communities, residents are expected to pitch in and help, they have to give 'hours' each year.
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:674
Try getting with a local attorney to assist you. These are very tricky deals and you certainly don't want to get ripped off.
- Drew Ludlow, "DrewLudlow"
- Contributions:505
Sharon seems to have the right answer. Just make sure that it is exactly what she says and you should be AOK.
However, there are many, many other sketchy land trust deals that have been pieced together with tape and bubble gum over the past 10 years. Most of these land trust type deals are 'taught' by late night TV get-rich-quick real estate gurus. Land trusts have been around for eons, but these scammers put a relatively new twist on it.
But I am sure your community land trust is fine and dandy.
However, there are many, many other sketchy land trust deals that have been pieced together with tape and bubble gum over the past 10 years. Most of these land trust type deals are 'taught' by late night TV get-rich-quick real estate gurus. Land trusts have been around for eons, but these scammers put a relatively new twist on it.
But I am sure your community land trust is fine and dandy.
questionable mortgage.. community land trust? anyone with input
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