Trust's Experts (Bronchick, JPiper?) - Posted by Terry (Dallas)

Real Estate Investing
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Posted by Stacy (AZ) on January 31, 2000 at 23:30:14:

And YES, I know I probably misspelled it…

(smile)

Stacy

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Trust’s Experts (Bronchick, JPiper?) - Posted by Terry (Dallas)

Posted by Terry (Dallas) on January 31, 2000 at 22:11:15:

Question please. I have read most all of the posts that state you should take property in the name of a trust. If you already own the property in your name, how do you notify the mortgage company that you are now placing it into a trust now named 1234 main st. trust? Also how do you notify the insurance company? I know that we, my wife and I, will be the beneficiaries of the trust but will this place the deed in the name of the trust?
Thanks in advance.
Terry (Dallas)

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Re: Trust’s Experts (Bronchick, JPiper?) - Posted by Bud Branstetter

Posted by Bud Branstetter on January 31, 2000 at 22:26:35:

You create a warranty deed that deeds the property from you to Bud Branstetter as trustee of the 123 Main St. land Trust.(I like to name them “Main 123 lastname family Trust” so it looks like a living trust) I do not nor do I need to notify the mortgage company of the change. I add the Trustee/trust as an additional insured on the insurance policy.

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Re: xfer ownership to a Trust? - Posted by RolfeK Mpls/St.Paul

Posted by RolfeK Mpls/St.Paul on January 31, 2000 at 23:27:40:

Bud;
When I wanted to transfer one of my properties (which I hold personally) to my new LLC, the mortgage holder cited a “due on tranfer of ownership” clause, which made the mortgage due in full if any transfer of ownership occured. Does this not hold true for a “transfer” to a trust?

Thanks! Rolfe

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Re: xfer ownership to a Trust? - Posted by RolfeK Mpls/St.Paul

Posted by RolfeK Mpls/St.Paul on January 31, 2000 at 23:27:17:

Bud;
When I wanted to transfer one of my properties (which I hold personally) to my new LLC, the mortgage holder cited a “due on tranfer of ownership” clause, which made the mortgage due in full if any transfer of ownership occured. Does this not hold true for a “transfer” to a trust?

Thanks! Rolfe