Posted by Tom (MI) on July 30, 2003 at 12:48:00:
I am not sure about any “flags”. A transfer of beneficial interest is a private document that does not get recorded. So if you are having the home owner transfer the interest to you then who is going to know? Not sure how you are going to fund the purchase so it is hard to comment further.
Tom
Land Trust and the Michigan Property transfer tax - Posted by bill
Posted by bill on July 29, 2003 at 19:11:03:
Anyone doing Land Trusts in MI?
How is the transfer tax delt with?
Do you record the prop. Affiv and then pay the transfer tax? not sure on this one.
Re: Land Trust - Posted by Tom (MI)
Posted by Tom (MI) on July 29, 2003 at 23:11:07:
Putting your property into a land trust is tax exempt in Michigan.
Tom
Re: Land Trust - Posted by bill
Posted by bill on July 30, 2003 at 12:30:14:
I do understand that. What about when my company actual buys the trust itself. I know this isn’t public knowledge but are there any flags raised somewhere down the line that might require some type of tax to be paid on this?