Land Trust Legal In GA?
I am getting conflicting information on using a land trust in GA. On one hand we have an investor who has been very helpful to us guiding us throughout the process and simply told us we can create the land trust ourselves by putting it on the warranty deed. If the grantor is John Smith, then the grantee would be the "Smith Family Land Trust". Thats it.
When we spoke to a very reputable RE Atorney he laughed and said that is NOT all we have to do, we have to have an attorney create it for us. It would cost $500.
We were then told by a broker who teaches a pre-license real estate class that land trusts are not even legal in GA.
We were then also told by an attorney that is a member of the GAREIA ( Ga Real Estate Investor Association) that they are not legal.
How do we find out if they are legal and whether or not it is necessary to use an attorney?
Thanks in advance.
Personally I have used an attorney to form all my trusts.
for 500 it's not worth it to me to have some nit pick item mess up something.
I did a google on GA land trust
and got a bunch of hits.
The other thing is you might not want to have your name associated w/ the trust.
Well, not really an answer, but my opinion anyway. If a lawyer tells you you HAVE to use an attorney, I'd pick a different one. You never HAVE to, it's just usually the way it should be done. I do believe it would be prudent to use one if you don't know the laws well enough yourself, which it seems might be the case since you're asking the questions. Doesn't sound like either of the attorneys you asked are the ones to use so you just need to keep looking.
Good Luck!
It's completely legal, in every state in the US, for RE to be owned & recorded in name of a private trust...so, regardless of what that dumb-a** lawyer said, proceed with your trust.
To quickly confirm this, just talk to any title co.. They're bound to be smarter or at least more honest than that business hustling lawyer.