LAND TRUST'S, WHAT ARE THEY AND HOW DO THEY WORK.
hi, what are land trusts?how do they work? and what situation or scenario do you use them in.
any info is greatly appreciated.
thanks
david
hi, what are land trusts?how do they work? and what situation or scenario do you use them in.
any info is greatly appreciated.
thanks
david
Do a search of these forums and on Google. I think we have beat this subject to death.
Ho...
HoGiHung is right.
I've placed a couple of replies that walks you through them.
The quick and dirty answer:
1. They help to ensure privacy
2. They help to prevent the loan from being sold because of the "do on sale" clause (DOS).
3. They're the start of your estate planning.
They're very easy to set up and cost about $15 here in utah. time and money well spent.
how exactly do they prevent the loan from being sold because of the do on sale clause?
are these good for preforclosure situations?
thanks
david
Quote:
On 2003-07-14 18:03, yeaman wrote:
how exactly do they prevent the loan from being sold because of the do on sale clause?
are these good for preforclosure situations?
thanks
david
A Land Trust makes it more difficult to see that you purchased the property hence making it less likely that a lender will call the loan due.
Similarly it makes it easier to get financing for a buyer (when you sell it) because it doesn't look like you were a middle man (which a lot of lenders hate).
It is a completely legitimate legal instrument with some great perks. Definitely worth looking into.
Jason