Creating A Land Trust
If the seller is John Smith, and I am taking the property sub 2, can I create the trust by simply naming the seller as the grantor and the "Smith Family Land Trust" as the grantee? This is my first sub 2 deal and was told this by another investor who is helping me by answering my many questions. I realize we (our company) would then become the beneficiary.
The reason I ask, I read at another local REI site for my state (GAREI) that I should use an attorney and that it usually costs around $500 for the first and $100 for each prop thereafter.
I was told I could do it myself at no cost by my friend. How do I go about doing it?
Help!
Thanks in advance.
Brian
In FL Land Trusts, the trust must be set up prior to moving any land into the trust. Of course if you do both in the same day, it is hard to know which was done first. I bought a book on FL land trust and the documents are included.
[ Edited by JohnMerchant on Date 05/28/2004 ]