Land trust questions - Posted by Dan(FL)

Real Estate Investing
#1

Posted by JDR on January 29, 2001 at 07:24:10:

Dan,

Some attorney’s will have know Idea what you are talking about. I live in Florida and I did have the attorney look at bronchicks stuff and only made a few changes and that was in the deed. There seems to be a F.S. Statue that needs to be in the deed to keep the trust legit. But he said he liked the idea of the trust and other stuff.

YOU ASKED
After the seller has signed a trust agreement with my trustee and is named the beneficiary of the trust, how exactly does the seller “quietly” assign his interest under the trust to me?

USE ASSIGNMENT OF BENIFICIAL INTEREST FOR THE TRUST. ITS IN HIS COURSE

YOU ASKED
Am I able to change the insurance on the property after I take interest without violating the due on sale clause?
THERE ARE TWO WAYS TO HANDEL THIS ONE IS TO WRITE A LETTER TO CHANGE THE INTEREST TO THE TRUSTEE OR ANOTHER IS WHAT I DO IS JUST GET ANOTHER POLICY WITHOUT NAMING THE LENDER. INSURANCE IS JUST THE COST OF DOING BUSINESS. THE LETTER IS IN HIS COURSE.

YOU ASKED
What is Mr. Bronchicks “CYA” form?
IT’S CALLED COVER YOUR ASSETS" ITS A FORM THAT IS SIGNED BY YOU THE BUYER AND THE SELLER THAT THE LOAN STAYS IN HIS OR HER NAME AND WILL REMAIN ON THERE CREDIT REPORT.

YOU ASKED
How is the Deed signed over from the seller to the trustee?
PREPARE A DEED WITH ALL THE RECIATALS OF THE TRUSTEE AND PROPERLY FILLED OUT AND ACKNOWLEDGE.

YOU ASKED
Lastly, how do I record this at the county court house, and what has to be recorded? What shouldnt be?
JUST RECORD THE DEED. YOU WILL HAVE TO FILL OUT A FORM.

If I were you I would order his course. And review it. Its pretty good. I know it has saved me a lot of tine and money and headaches. Just remember that attorney’s do not know everything. I went thru 3 to get the one I have now. I had one attorney wanted me to set up one Living trust and place all properties in it. I just said thanks but know thanks. the whole point is to get educated. If you are planning to come to convention you will meet with some of the brightest minds in the country.

Hope this helps
JR

#2

Land trust questions - Posted by Dan(FL)

Posted by Dan(FL) on January 28, 2001 at 22:27:26:

Ive been reading some of the How to Articles and after reading Mr. Bronchicks -How to beat the “due on sale clause” I have a few questions. Tomorrow I am going to a local attorney to pick up one of these Land Trusts for a deal I am trying to put together for purchase of property from a neighbor. Any additional information that any of you think may help would be great. Ive never done one of these before and am a little aprehensive. Hopefully, after seeing the contract, it will be clearer and I wont feel so unsure.
After the seller has signed a trust agreement with my trustee and is named the beneficiary of the trust, how exactly does the seller “quietly” assign his interest under the trust to me?
Am I able to change the insurance on the property after I take interest without violating the due on sale clause? This part of the article is a bit fuzzy to me.
What is Mr. Bronchicks “CYA” form? He says that he has the seller sign this so they cant say they werent informed that they would still have the mortgage in their name.
How is the Deed signed over from the seller to the trustee? Ive always had a title company do my closings and am not sure what this entails.
Lastly, how do I record this at the county court house, and what has to be recorded? What shouldnt be?
I thank everyone in advance for your input and good luck in the future.
Dan(FL)

#3

Re: Land trust questions - Posted by Big Harold

Posted by Big Harold on January 29, 2001 at 13:30:45:

I have this trust thing almost down now, but that raises another point with me. The deed - what usually goes in that, in the state of Pennsylvania? How should that look, for them to transfer the property into the trust, and is there a place I can find this online? Thanks so much - you guys have me on the path to become a millionaire!
Harold

#4

One More Thing: - Posted by JDR

Posted by JDR on January 29, 2001 at 07:34:43:

Here is the clause and statute that my attorney told me to put in the deed.

The Grantee, as trustee, has the full power and authority to protect, conserve, sell, convey, lease, encumber, and otherwise manage and dispose of said real property pursuant to F.S. 689.071.

The language of the deed of recitals of the trustee has most of it but he just to be SAFE place this in the deed for FLORIDA

JR