Posted by Houserookie on February 23, 2001 at 20:41:20:
So how could this avoid the licensing requirement?
The trust, with your interest, sells the property to
end buyer.
Buyer gets financing through whatever means. Seems to me that selling benef interest ( personal prop ) to buyer is not possible due to lack of funds.
If the sale of the property for cash takes place,
a sale of property takes place.
Licensed Agent Or Land Trust - Posted by Houserookie
Posted by Houserookie on February 23, 2001 at 07:28:59:
I am not a licensed agent. But I am interested in
using land trusts to control properties and help
sellers sell.
Does anyone see a problem with licensing requirement?
I don’t see a problem since equitable interest will give
me controll over the property.
Re: Licensed Agent Or Land Trust - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on February 23, 2001 at 16:59:40:
Unless I have been misled, the beneficial interest in a Land Trust is personal property. The sale of personal property would not require a license to sell real estate (it’s not real estate).
Re: Licensed Agent Or Land Trust - Posted by JPiper
Posted by JPiper on February 23, 2001 at 09:05:29:
No one could answer this question without knowing:
However, if I recall you’re from Minnesota. And if I recall Minnesota has a law which states that if you buy/sell more than 5 properties you are presumed to be “in the business” and therefore must be licensed or must be represented by a licensee.
So despite the above unanswered questions, you wouldn’t want to do very much of whatever it is that you intend to do.
JPiper
Re: WOW ED!!! Never thought of it before… - Posted by Houserookie
Posted by Houserookie on February 23, 2001 at 17:31:09:
But it makes perfect sense.
The only problem I see here is that most
buyers won’t be able to purchase interest
without obtaining a mortgage.
Most buyers would want to become the sole owner of
the property. They want nothing to do with trusts.
thx
Re: Licensed Agent Or Land Trust - Posted by Houserookie
Posted by Houserookie on February 23, 2001 at 10:07:04:
Hi Jpiper,
Yes I am in Minnesota.
I already work with a couple of agents. I can
involve them in transactions at very little cost.
MN does require agent involvement on five or more properties.
I want to control retail quality properties and sell for profit. As an investor with interest in trust, I can do things that agents can’t.
For example, I am more up to date on financing, creative financing, and marketing.
In the worst case, I can list the property in MLS
for exposure.
What do u think?
Re: Perhaps - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on February 23, 2001 at 19:56:43:
The trustee could be directed to sell the property, and take back a mortgage and note. The note could be sold (by the trustee) at the time of closing. Or possibly the trust could keep the note, and have only the trustee involved in the paperwork. I think the complete sale of the note would cause the trust to have to be dissolved when the trustee completed all of the trusts business, if this was the only asset in the trust.