Disclaimer. I haven’t done one of these yet, but have studied several of the courses out there.
I’m assuming the reason for deeding the house to a trust is to get around DOS. In this case the seller would initially be deeding the house to a trust “for his own bebefit”, with an assignment of beneficial interest to come later, if even just 10 minutes later. Thus a consideration would probably not be necessary.
Bill Bronchick’s forms have a space for notary on both the trust doc and the assignment. I’d assume its a good idea (Incidentally, I had my lawyer go over Bill’s trust agreement. Only changed one line, and thats because of our state’s particular law.)
Depends on your state law. Here, for example, it has to be deeded to the trustee, as in “Joe Blow as trustee for Oak Street Land Trust”. (thats what changed in #2. In other states it would be “Oak Street land trust, Joe Blow trustee”, or just “Oak Street Land Trust”.
My biggest problem is finding a trustee for my current properies. Could use friends or family, but I don’t trust most of them, and the one I do trust doesn’t want to get involved.
Land Trusts /Russ Simms & others - Posted by Lonnie Turner
Posted by Lonnie Turner on June 09, 2000 at 12:09:21:
I have several nit picking questions for the the guys that do Land Trusts.
When the seller is deeding the house to a trust do you put 10 dollars and other consideration or do you guys just write in for no consideration John Doe deeds house to Jane Buyer as Trustee?
Do you have the assignment of beneficial interest & trust agreement notarized?
Do you guys only put the name of the trust on the deed or do you put the trustee name on the deed?
Re: Land Trusts /Russ Simms & others - Posted by B.L.Renfrow
Posted by B.L.Renfrow on June 09, 2000 at 19:07:27:
Lonnie,
If you’re going to use land trusts, I would suggest you obtain Bronchick’s land trust course, which answers all your questions (and thousands more). It’s well worth every cent.
In answer to your specific questions:
No consideration is involved. The seller simply deeds the property into the trust.
Yes
Depends on your state laws. Here in NY, you can record the deed in the name of the trust, i.e. “123 Main Street Trust.” In some states, it must be recorded as “Jane Doe, Trustee of the 123 Main Street Trust.”