How Do I NOT Use A Land Trust?
okay i have been studying like crazy and am getting closer to being able to do a sub 2. I ordered my llc/signs and read a ton. I have only learned to do this with a trust and i think i have everything step by step in my head but after reading jeffs post i dont think im going to use a land trust. so my question is this, instead of having the seller deed the prop to the trustee of the "trust" they will just deed to the prop to your LLC? or YOU? or do they deed the prop to you and your LLC have the benifial rights? Jeff, i know you are going to be upset that i am asking this but i want this to be as clear as day, can you please explain to me exactly what will happen from point a-z when getting title? thank you so much, Ryan
I'm not upset at all. This is all part of learning isn't it? It's really not so bad. If you want to do business as you, then they sign a warranty deed to you. If you're doing business as an LLC, then they would sign a Warranty Deed to your LLC. No beneficial interest to worry about, no Trustee to not trust etc. The rest of the forms will be the same Purchase and Sale Agreement, CYA letter, ATR, Insurance, Etc. Do your due diligence and record the deed. Bingo, You're the new owner of the property. (Very Abbreviated Of Course)
Good Luck,
Jeff
hey jeff, thanks for your help. one more thing please? now sicne there is no trust how do you go about changing the insurance? hiding yourself and whatnot. thank you jeff, Ryan
There is more than one opinion about which is the correct way to do this. I leave the original policy in place to keep the lender happy, and get a new policy in my name. If a claim was ever filed, I am listed as the loss payee, and I would pay off the loan.
I underatand that both policies will not pay the claim.
I have also had it recommended to take the POA, and change the policy to a landlords policy, and list yourself as additionally insured.
I'm sure that there are those here that have authoritative answers, and maybe they will help here.
Jeff