- The beneficiary retaining the property will need to keep it long enough for the property tax savings to offset the expense of the private loan. If their plan is to sell in the near-term, it likely will not make financial sense to take this additional step.
- The exclusion from reassessment is not automatic, an attorney will likely need to assist with filing the necessary documentation/forms.
- Conventional financing cannot commence until the subject property has been transferred into the beneficiary’s name that is retaining the property.
- We work hand-in-hand with mortgage brokers to provide all necessary documentation to expedite the refinance process.
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