Posted by John P SFL on January 26, 2002 at 16:10:41:
Russell,
Let me see if I understand your question? The owner who is giving you the deed would be the Grantor. Basically you would draw up the paper work the owner would then sign the deed putting the property into the trust. They way the trust works is that the property goes into the trust then the trustee has full power to deal with the property.The beneficial interest form is what actually assigns the beneficial rights to the trust. The trust owns the property. The othere enitiy who then have a beneficial interest in the trust. That could be you or your corporation etc… The only papers that are recorded is the deed. There should be three parts to the deed in total. The beneficial interest and the rest of the trust are put into your filing cabinet. I hope I answer your questions.
Setting up a Trust Question - Posted by Russell (AR)
Posted by Russell (AR) on January 26, 2002 at 11:33:40:
During a subject to transaction you want to deed the property to a trust listing you as a trustee and later assigning the beneficiary to you as well.
First question…is this the correct procedure?
When getting the owner to deed the property to a trust:
TRUSTOR: The Owner
BENEFICIARY: The Bank
TRUSTEE: You
And then record this…later assign the BENEFICIARY to you and NOT record it.
Second questions (actually as set of questions)…
What is involved in setting up a trust? I have a blank warrenty deed, but would I need a Deed of Trust? Is there a type of form that is used to “assign” me the BENEFICIARY rights? Also, if there is some forms involved would someone be willing to e-mail them to me?
Trustor is the seller that is signing over to you. Beneficial interst holder is not the bank. You can have the seller list themselves as beneficiary and them have them assign their interest to you (or your entity), or make you or your entity the beneficiary right off the bat. You, someone you trust, your lawyer, etc. can be trustee. Ideally someone other than yourself for privacy.