How To Set Up Or Find A Trustee For Landtrust
I read and read and read about landtrust, first item is to have a trustee,
is this a way to pay some experience investors yearly? (hoax)
or can anybody tell me how do I set up a trustee for the landtrust? set up your landtrust, set up your landtrust but nothing says about trustee of landtrust!!!
And a side question...Can a single member LLC I own be the trustee of a property I buy? How would using an LLC as trustee work?
mtnwizard,
If an individual trustee holds title to trust property as a fiduciary, how is it possible for said trust property to wind up in his or her probate?
I am not a lawyer -- thank God. I do know land trusts. My non-profit corp. Trustee holds legal and equitable title according to the terms of an unrecorded trust agreement. The agreement sets forth the rights and obligations of the parties. All of the rights of ownership are retained by the beneficiary(ies) The trustee does not manage the property or become responsible for its operation. The trustee only deals with the title upon the written direction of the beneficiary(ies). Beneficiaries control and direct the trustee in all matters relative to title and disposition of the trust property. The trust can be revoked by the parties beneficially interested in the trust.
I put my LLC as the beneficiary and as the trustee. I know it is not perfect, but it is easy. I am a believer that getting something done is better than getting it perfect.
Has the check been cashed? Have you called them to ask about the status of the materials?
Check has been cashed. He will not reply to my emails and has banned me from his site. Did a google search on him and was shocked at all the similar complaints. There is an extensive forum topic on him here in the archive that exposes him. I wish I would have searched before sending the crook money.
Moderators here should not close any forums on this crook. He should be exposed for the crook he is and save other investors from being scammed.
Anyone in a class action suit contact me because I have plenty of time and money to go after jerks like this.
I have heard the term in the context of buying a car or an airplane that was previously used as a rental. Some buyers fear that the rental car or plane would have been a victim of rental abuse that might not be found in a car or plane for sale by a private owner.
I have never heard this term in a real estate context. As John Michael has already said, tell us the context in which you heard it.
we did sign a contract for purchase 5 months ago but it expires 1 week before my buyer is ready to close
Read your purchase and sales contract and see if you can sue for specific performance. Regardless, you do need to get an attorney and have him file a Les Pendens to cloud the title of the current owner. Then threaten the current owner and then sue him if necessary.
Call me cold and uncaring, but anybody who thinks that they are anyone else has figured out a way to foil the entire mortgage industry does not have my sympathy. Common sense (which obviously is not that common) tells you that the US economy could not allow the mortgage industry to fall so if there was a loop hole (1) everybody would be doing it (2) the laws would be change to close the loop hole. Just plain stupid and greedy.
In my opinion the biggest real estate scam being unloaded on the public is being done with the full blessing of the NAR and all its lackeys. It involves having the real estate agent who claims to be representing the buyer. The agent refers the buyer to a mortgage broker who gives referrals either directly or indirectly to that agent with a wink and a nod. The mortgage broker then chooses an appraiser who will not “wreck the deal.” It can get even worse when the agent refers the buyer to a loan officer who just happens to have an office in the lobby of the real estate agent’s building. Coincidentally, this mortgage company is owned by the broker in charge. Can we say one stop shopping at a company store where the welfare of the buyer is 10th on the list of that so called “code” that those agents wearing gold jackets like to proclaim? Spare me the morality lecture on real estate professionals caring about the public.[ Edited by landpimp2000 on Date 03/21/2006 ]