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LAND TRUST'S, WHAT ARE THEY AND HOW DO THEY WORK.

yeaman profile photo
  • Monday, July 14, 2003 @ 06:39 PM EDT
  • 4 Comments

hi, what are land trusts?how do they work? and what situation or scenario do you use them in.

any info is greatly appreciated.


thanks

david surprised surprised surprised

Comments(4)

  • no photo
    HoGiHung14th July, 2003

    Do a search of these forums and on Google. I think we have beat this subject to death.

    Ho...

  • no photo
    hibby7614th July, 2003

    HoGiHung is right.

    I've placed a couple of replies that walks you through them.

    The quick and dirty answer:

    1. They help to ensure privacy
    2. They help to prevent the loan from being sold because of the "do on sale" clause (DOS).
    3. They're the start of your estate planning.

    They're very easy to set up and cost about $15 here in utah. time and money well spent.

  • no photo
    yeaman14th July, 2003

    how exactly do they prevent the loan from being sold because of the do on sale clause?


    are these good for preforclosure situations?


    thanks


    david

  • no photo
    jvano14th July, 2003

    Quote:
    On 2003-07-14 18:03, yeaman wrote:
    how exactly do they prevent the loan from being sold because of the do on sale clause?


    are these good for preforclosure situations?


    thanks


    david


    A Land Trust makes it more difficult to see that you purchased the property hence making it less likely that a lender will call the loan due.

    Similarly it makes it easier to get financing for a buyer (when you sell it) because it doesn't look like you were a middle man (which a lot of lenders hate).

    It is a completely legitimate legal instrument with some great perks. Definitely worth looking into.

    Jason

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