Land Trust
I am looking for a land trust document that works in washington state. I have a deal in the works and i need to transfer title out of the present owners name into a land trust. Also if you have a benificiary transfer for the same land trust.
I want to put it in the "family" residential land trust, place them as benificiary and then another form that transfers that interest to me. Then i can record the second document right before closing on the sale side.
PLEASE HELP.
Rick 
You have two options. 1. A Quit Claim Deed -if you've done your due dilligence on the title, or 2. a Warranty Deed if there's already title work done and the property is free of any leins.
Name your family trust on the deed as you're sitting in front of the Notary; then both you and seller sign. You take that down to the City, pay the fees, and "boom!" You got the property.
Thanks,
OnTheWater :-D
OnTheWater's options sound right, but I think need a little fleshing out:
Do the trust and beneficial interest stuff you were talking about (including the transfer) FIRST, then fill out either Quit Claim deed (if you're sure title's clear) or Warranty deed transferring ownership from seller to the trust.
Record only the DEED (it isn't necessary to record the trust document). Now the trust shows as "owner of record" on the title--no one has to know that you are the beneficiary (with controlling interest who can order the trustee to sell/rent the property, etc.).
As to where to get the forms (I think your original question): try online, search for real estate legal forms in google--I believe you can find one that's state specific for WA.
(As usual, not legal advice, seek professional counsel, etc., etc.)
Andy
Maybe you already know this...and don't quote me on it...but I think I recall another investor from Washington state stating that you still have to pay the transfer (excise) taxes even if you're deeding into a revokable trust. You should find out whether or not this is true, and how it'll affect your bottom line and out of pocket expenses.
You don't need to record the transfer of benficial interest. Just bring your trust documents to the closing attorney/title company and have the trustee deed the property to your buyer.
isn't transfering to a trust a transfer of beneficial interest?
Quote:
On 2004-06-05 10:38, cjmazur wrote:
isn't transfering to a trust a transfer of beneficial interest?
In this sense, I'm assuming that seller signs, notarizes, and records a deed to pass title into a land trust with seller as the beneficiary and buyer or buyer's agent as trustee (it looks like a transfer into a living trust for estate planning purposes).
Next, a document is drafted that transfers beneficial interest from the seller to the buyer. It is the document transferring beneficial interest in the trust from seller to buyer that does not have to be recorded.
It's a technique sometimes used (here in CA especially) to avoid paying excise tax twice...no cost for the owner to deed into their own revokable trust, noone needs to know beneficial interest is sold to an interim buyer since transfer is not recorded, and finally taxes are paid only when title passes from the trust to an end buyer (which is the next recorded document).
I don't know if avoiding excise tax is what Rick was attempting, but I'm sure I read somewhere that in Washington you still have to pay the tax when transfering title into a trust.
I'm in WA State, and as I recall, State Atty Gen's office has taken the position that if one merely deeds to his own trust, then no excise tax is due;
However, if one then assigns that ben. interest to a 3d party person, the tax is then due.
No WA court decisions on this as of yet, to my knowledge, but to be safe this is how careful REI's in WA think it should be done.