Posted by Dave T on July 20, 2002 at 22:48:30:
Here in SC, the problem is that most lawyers have never heard of a “land trust”, much less done one. I went to a real estate firm in Myrtle Beach, SC to see if anyone knew how to draft a land trust. This firm does a very high volume of real estate closings, so I felt they should have some land trust experience (in SC we do attorney settlements). The lawyer I talked with told me that noone in the firm knew what I was talking about, but that he would research it and prepare a trust document for me if I wanted him to (on the clock, of course).
If the attorney knows about trusts and insists upon notifying the lender, the attorney will call the lender’s legal department and coordinate the draft language of the trust to make sure that the trust itself is acceptable to the lender and will not cause a problem later for the borrower.
Telling the attorney that you want to do it differently, may just prompt the attorney to advise you to seek legal services elsewhere. If the attorney is not comfortable with how you want to do a land trust, it is probably a waste of time and money to force the issue.