Land Trust Question
We are purchasing some property (35 residential lots) where the owner is carrying back two groups of parcels with 17 lots in one group and 18 parcels in another group.
There will Grant Deeds issued but also there will be two deeds of trust and notes recorded against two groups of properties.
We are wondering if something happened to the owner how we could get those trust deeds paid off and the reconveyance recorded to remove the liens against the property.
We are thinking if we put the properties in a Land Trust and named the previous owner as the Trustor that if something happened to her, she could be replaced by one of her family members so it wouldn’t cloud the title.
We plan to start selling the parcels to either individuals or to a developer for the construction of single family homes.
Let me know if this makes any sense or how we can set this up.
Dave Roekle
Have the owner name a co-beneficiary in the deeds of trust.
Quote:
On 2005-09-15 23:11, daveroekle wrote:
We are purchasing some property (35 residential lots) where the owner is carrying back two groups of parcels with 17 lots in one group and 18 parcels in another group.
There will Grant Deeds issued but also there will be two deeds of trust and notes recorded against two groups of properties.
We are wondering if something happened to the owner how we could get those trust deeds paid off and the reconveyance recorded to remove the liens against the property.
We are thinking if we put the properties in a Land Trust and named the previous owner as the Trustor that if something happened to her, she could be replaced by one of her family members so it wouldn’t cloud the title.
We plan to start selling the parcels to either individuals or to a developer for the construction of single family homes.
Let me know if this makes any sense or how we can set this up.
Dave Roekle