Drafting deed into Land Trust - Posted by Lisa in VA

Posted by Ken (ILL) on January 27, 2002 at 09:45:17:

The DEED does not have a monetary figure on it. The MORTGAGE ties the deed to the loan created originally on it. The Warranty Deed to Trust just needs to legally say the the property, at a certain legal address, is in a trust named by the paperwork. This document must be recorded within the county of the property.
The Agreement and Declaration of Trust that appoints the trustee is controlled by the beneficiary, and not recorded. It also does NOT have any amount within it declaring haow much the property is worth.
The only other thing that needs recording is the Assignment of Trustee. This binds the trust to a specific trustee. This document can be changed at any time, but need to be recorded each time it is changes.
Then you will need to file an ammendment to the Warranty Deed to Trust to show that a new trustee was appointed to said trust.
This procedure varies slightly from county to county across the country, so you should look up all of the particulars in you county.

Drafting deed into Land Trust - Posted by Lisa in VA

Posted by Lisa in VA on January 26, 2002 at 21:47:07:

How much money if any should we show on a deed when putting a property into a Land Trust?

Will showing an amount for the consideration invoke the transfer tax?