Posted by B.L.Renfrow on February 17, 2001 at 19:34:59:
Guess it depends upon where you’re located. Here in NY, if no consideration is paid, there is indeed no transfer tax due, just various recording fees which add up to about $50 on the average subject-to deal. Make sure your recorder’s office understands that no consideration was paid.
Best bet is to ask a local attorney, title company or another investor who does subject-to deals.
Brian (NY)
Land Trust Question - Posted by arthur montano
Posted by arthur montano on February 16, 2001 at 17:47:35:
According to LeGrands’ Land Trust tape the Seller can put a house into a land trust under his own name (Warrenty Deed to Trustee), and have the Assingment of Beneficial Interest to me with no closing costs incurred to the seller, just a minimal fee of $10.00 plus recording fees of $7.00. This looks something like this: Joe Seller to John Smith as Trustee. The trustee then can deed the property to me whenever I ask.
But upon asking the recorders office, they said that this constitutes a transfer and subject to transfer costs (Deed & Dock stamps) of approx. $700.00.
Any one ever use a Land Trust in this manner and what costs were incurred?