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