Good Old Land Trust :))
Please clarify that for me.
Some people in this forum suggest following:
Have the seller put the property into landtrust and make you the trustee and then transfer the beneficial interest to yourself.
My question is:
Is that true that they suggest you to be your own trustee and beneficiary/grantor?
If court finds out about that - won`t be any good.
Is there another way to do that?
And if i have the seller put the property into landtrust who has to have a trust agreement with trustee? Me or seller?
You as a benificial interest and trustee BAD. If you do that you create a loop hole for periecing. You need to be one or the other not both.
Sire
For FL Land Trust, I asked Mark Warda, who has written THE FL Land Trust books, and he said that there was nothing wrong with the same person being both trustee and beneficial. (There is no peircing, Land Trust provide no direct liability protection).
Now what is it that you are trying to accomplish? Realize that the trustee will sign the papers and be on the deed. Also realize that an attorney or appropriate named entity as a trustee sounds more like an estate planning technique.
First there is the land trust. Then there is the warranty deed to trustee which puts the property into the trust and tells the world who is your trustee. The trustee's duties are spelled out in the land trust. The warranty deed to trustee is more or less the agreement.