Whats The Proper Order For Land Trust?
Hello Gang,
What's the proper order for a Land Trust?
1st) Get Warranty Deed to Trustee (Between Owner & Trustee)
2nd) Agreement and Declaration of Trust (Buyer, Trustee, Owner)
3rd) Assignment of Beneficial Interest (Buyer,Owner, Trustee)
And do all these docs. need to be signed and dated on the same day?
1) Agreement and Declaration of Trust
You have to establish the trust in order to have a trustee of the trust.
2) Warranty Deed To Trustee (Signed and Notarized) Then after you do Due dilligence, you file it at the county recorders office.
3) Assignment of Beneficial Interest. This transfers ownership of the trust to you, and puts you in control.
No, they don't have to be signed and dated the same day. They should be signed in this order especially if they are not all signed on the same day.
Since you have everyone in one place when the Trust is established, Why would you consider not getting everything signed then? The notary will be able to do everything in one shot if it's all done at one time.
Jeff
A trust is a vehicle to hold things. So the trust can hold a deed, tax certificates, and other land related things. So the trust is set up first. The trust establishes the benefical interest and the trustee. Then you put a property into a trust with a warranty deed to the trustee.
Brenda