Posted by Tom on March 24, 2001 at 15:41:15:
Thanks Bill, I appreciate the clarification. I wasn’t sure if I could make myself the Trustee or not. Also, would you bother putting this property in a Trust if you were going to fix it up and sell right away ? Thanks for your help, Tom
LAND TRUST CONTRACT - Posted by Tom
Posted by Tom on March 23, 2001 at 13:23:35:
My question on the land trust is this; Seller is deeding me the property, I’m buying subject to so I want to put it in a trust, I have to do some work on it and I want to be protected. I ordered Bronchicks course and it came today, but we’re signing papers in the A.M. I’ve read thru it quickly, but I’m not real clear with the total concept. Also, I’m not sure who I’d have as a trustee. I’m sort of new to AZ. and about the only people I know are family-same last name. I’ve had this property Optioned for about a month (seller was dragging ), so my thinking is to get most all the contracts signed now so the delays don’t continue. I may do the work and sell right away, but the area it’s in, I’ll probably have to offer owner financing. That’s why I’m thinking I should put it in a trust. Sorry this was so long. Any suggestions would be greatly appreciated, Tom…See you all in Atlanta
Re: LAND TRUST CONTRACT - Posted by William bronchick
Posted by William bronchick on March 24, 2001 at 10:07:33:
In this case, it won’t really be a big deal for you to be the trustee, since the main purpose of using the trust in this scenario isn’t privacy. Have the seller sign the trust agreement with him as grantor/beneficiary and you as trustee. He then signs the assignment of beneficial interest to you or your corporation/LLC. Record the deed, not the trust agreement.
Have the seller also sign the “CYA” form and give you the coupon book or statement from the mortgage company. Send in a change of address. Amend the existing insurance policy to name the trust as the insured.
That’s about it…