Are Land trusts recognized in Canada?

Comments(15)

• 
  way_motivated10th November, 2002

  i belive the general concepts are more or less the same but i think they are some differences in the laws regarding topics like foreclosure and whatnot, get a good RE lawyer and see what he has to say......

• 
  jawadec10th November, 2002

  Thanks WM. Will do.

• 
  way_motivated10th November, 2002

  no problem, also, if you do find a good, knowledgeable RE lawyer, ask him if he does investing himself, he might be able to give yu some good referral to some hard money lenders, title companies, and/or good contractors if you plan on rehabbing....mine him for info, can't go wrong....

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  investmentjunkie4th January, 2003

  I invest in Alberta, Canada and as far as I know provincial corporations are used for the assumption of mortgages. (most common way, assumptions are only legal in Alberta, is what I was told, without qualifying) Lease option sandwiches work as well as far as I know, but have yet to do one. If anyone knows if Land trusts or other vehicles are used let me know?

• 
  JohnMichael4th January, 2003

  Land Trusts in Canada are still in their early stages in comparison with the U.S.A; there have been 4 major land trust deals set up. Land Trust in Canada have been set up vary similar to US standards
  
  1. Canada Alberta
  Central Edmonton Community Land Trust
  2. Edmonton Manitoba
  West Broadway Development Corp
  3. Winnipeg Ontario
  Colandco Co-operative Homes
  4. Toronto Quebec
  Fonds Foncier Communautaire
  
  ONTA Land Securement Manual:
  An ONTA manual that provides vital "how-to" information for land trusts, from real estate basics to taxes to land management. Compiled by experts, it’s an essential source for any trust or anyone interested in securing or stewarding land. Available from FON for $25 plus $4.50 P&H per copy. 1-800-440-2366
  
  Some other reading materials on LT's
  
  Nozick, Marcia . Community Land Trusts: Addressing the Urban Land Question. in City Magazine. Vol. 13.1 Winter 1991/92: p.18-25.
  
  The Community Housing Land Trust Foundation: A Case Study. The Community Housing Land Trust Foundation: Vancouver, BC. 1999.
  
  Canadian Mortgage and Housing Corporation. A Guide to Land Trusts and Affordable Housing in Canada: Land for Our Future. 1995
  
  This is a great pdf info on LT
  
  http://www.aboutremediation.com/PDFS/Land%20Trust%20-%20An%20Introduction%20and%20Overview%20-%20GSL.pdf
  
  http://www.carolinian.org/Land%20Trust%20In%20A%20Box.pdf
  
  A few sites that may help:
  
  www.salts-landtrust.org/who_3_whylandtrust.html
  http://radio-canada.ca/radio/indicatifpresent/passe.asp?section=63&topo=5080
  http://www.escarpment.ca/fact_sheets.html
  [addsig]

• 
  investmentjunkie4th January, 2003

  Thanks RE4ME for all your information. [ Edited by investmentjunkie on Date 01/06/2003 ]

• 
  JohnMichael6th January, 2003

  investmentjunkie,
  
  You are vary welcome.
  
  Keep posting, keep asking questions and keep investing for 2003
  [addsig]

• 
  investmentjunkie14th January, 2003

  Can anyone tell me how a land trust works in the Us and/or know of some reading on land trusts for the US?
  
  Arthur

• 
  DerrickAli17th January, 2003

  InvJunkie:
  
  LandTrust Junkie here: DERRICK ALI
  
  Peruse the TCI SEARCH for the loads of info available on how I, and others, specifically use Land Trusts to Acquire Ownership in Properties.
  
  Also, I recommend visiting: www.LandTrust.net
  
  and should you still have further questions or need more advice I AM AT YOUR SERVICE!
  
  Simply Post your Q.s right here on TCI!
  
  Much Success,
  
  DERRICK ALI
  
  
  [addsig]

• 
  investmentjunkie27th January, 2003

  Derek, I think I understand now how land trusts are used in the USA. From what I gather, this a basically a way to control the property and get around the due on sale clause. Plus there are tax and assest protection properties of using a land trust.
  
  I am in Alberta, Canada, and I have asked my real estate lawyer about land trusts. This is what he told me:
  
  The real estate Act in Alberta specifically states that land cannont be held in a trust. (the reference he was making was that of a family trust) Is a PAC land trust so different from the family trust that one can hold real estate in it? Or did I mis understand the use of land trusts?
  
  So, my question is this: What is the difference between family/living trusts and a PAC trust? (in the USA)
  
  I have also inqurired with many of my other real estate investors in Alberta and never heard of anyone using PAC land trusts.
  
  I know in Alberta one can assume a mortgage in thier names or a corporation and this is government act. So, is there really a need for a PAC land trust?
  
  This is really the most common ways that I know other people have been using to take control of properties.
  
  I am also not sure if there are the same tax benefits as the illinois pac land trust. If PAC land trusts are an independent body similar to a corp, then there would be that viel of protection for someone.
  
  Arthur <IMG SRC="images/forum/smilies/icon_confused.gif"> [ Edited by investmentjunkie on Date 01/27/2003 ]

• 
  jawadec27th January, 2003

  Investmentjunkie:
  
  Regarding assuming mortgages you have to qualify before you can assume them. This is not possible if you have bad credit or some other issue.
  
  regards
  Jawadec

• 
  investmentjunkie27th January, 2003

  No, not in Alberta, you do not have to qualify for the mortgages you assume. This means you can assume them into a corporation without providing a personal guarrantte. When your term is up and it is time to renew, it is possible to get a new term without qualifying nor providing a personal guarrantte either if you don't get caught. (just don't mention it)
  
  Arthur

• 
  jawadec28th January, 2003

  Arthur
  
  That makes things alot easier. Good way to accumulate rental properties.
  
  Jawadec

• 
  C4ER2422nd February, 2003

  I am a resident of Texas USA trying to purchase 50 acres of raw land on the Bruce Penninsula in Ontario Canada from a tax client of mine that also lives in Corpus Christi, Tx where I reside. He is elderly and owns land outright. I am having great difficulties finding anyone in Canada to lend me money (being in the USA) and I'm having problems finding a lender in the USA for property in Canada. Does anyone know of any investors that I can contact or that would be interested in helping me find a loan approx. $15,000 USD. Please email me at: C4ER24@aol.com
  
  Thank you,
  Jeff Blanchard

• 
  CREI7625th February, 2003

  As all the mortgages are assumable in AB, why would you worry about land trusts so much? I guess it is good in your case to keep your privacy out of public eye, but other then that....
  Here in BC, my laywer says that we dont have a use of land trusts as in US