Posted by MMNC on May 26, 2006 at 20:34:42:
William Bronchick has a great course on Land Trusts. You can find it right here on this site. It’s the best way to answer your question.
land trusts - Posted by mike
Posted by mike on May 26, 2006 at 19:48:54:
Does anyone know how to set up a land trust. I understand what it does I just need to know how to form it. what information do you need to set it up? what paperwork and forms are needed? any help would be greatly appreciated.
Re: land trusts - Posted by JM101
Posted by JM101 on May 27, 2006 at 15:44:46:
Here is a link to Chicago Land Trust.
Not only can you learn about them, they will also set it up for you or if you and your attorney feel confident in doing it yourself, you can download the forms for free.
Re: land trusts - Posted by LeasePurchase
Posted by LeasePurchase on May 26, 2006 at 22:52:05:
For what purpose are you wanting to set up a Land Trust?
If you really understood what one was and does, then you would also know there are many types of uses for one. It doesn’t do the exact same thing for all uses. Please tell us for what purpose and what type you need?
Are there going to be just one Beneficiary, two or three or more. It makes a difference in the documentation.
Most Land Trusts consist of… First; the Trust Document itself, Second; an Assignment of Beneficial Interest (if more than one beneficiary), Third; a Beneficiary Agreement, Forth; a Transfer Document granting title to the Trustee, Fifth; a Use and Occupancy Agreement (if you are using it as a Seller Carry type of Trust), just to name a few.