How To Create Land Trust?
Is an attorney necessary or can we draft a form and use that as the land trust?
Should we add the procedure for doing this in the sales agreement? Also
I know we have the seller sign us as the trustee, but what do we use to ahve them sign over the beneficiary interest to us? is there another form for that?
Just to get this straight:
1. Sign sales agreement with seller.
2. Create land trust.
3. Put deed in trust and assign buyer (myself as trustee)
4. Have owner sign over beneficiary interest to me.
Start making payments.
TIA
I have some other questions, but this should get the ball rolling. And before any one offers. I have John locke's manual in front of me 
I have just been reading conflicting opinions and need some clarification. Thanks
Also is there any reason to have escrow instructions on a subject to purchase contract? if so, why? Thanks again
Andy you are a very beautiful man. This isn't the wine talking. I was just talking to a guy in my local REI club and he said he just deeds the properties to his LLC too. Thanks for the reply and I wish you the best of luck in your investing.
Just another quick thought on Land Trusts...
Even when not buying SubTo, it helps use one for this reason: anonymity.
If this property ever has a problem in the future, some years after you sell it (mold, someone falls through a deck, etc.) the trust with your entity as beneficial interest removes your name from title history. Of course, if you are negligent, an attorney is going to find you eventually, but the curtain put up by a land trust with an entity as beneficiary makes it much more time consuming (expensive) for someone to find you.
Probably worthwhile since we have no control over what happens to a property after we sell it.
Just my 2 cents
Swaf[ Edited by swaf on Date 08/29/2004 ]
My understanding from an investor friendly title company here in the Phx area is that they do not touch land trusts with a ten foot pole in regards to title insurance. Not sure how other title companies feel about that. Just adding my $.02.
Can someone help me out here. I'm in the process of my first Subject to and wondered about a couple of things.
1. The purchase and Sales Agreement -Do I list myself as the buyer or myself as agent for my LLC?
2. What names go on the Land Trust - Do I once again list my name or my name as agent for my LLC.?
The best advice on trusts is to get some of Bronchicks or another like him's materials on the subject. It is incredibly easy and powerful.
I have a friend with tax problems, trusting the property keeps the IRS from liening it.
Randall
[addsig]
linenw:
Not sure about LLC's where you are, but the attorney that set up my LLC here in IL gave me instructions on this:
Your LLC is an entity, just like an individual, so in your contract you can put "MyCompany, LLC" as the buyer, etc. Same on the trust: your LLC can be a trustee or beneficiary (preferably not BOTH).
In the spots where you have to put a signature, you would sign your name with "President, MyCompany, LLC" underneath or after your name.
Andy