Land Trust !!!!
Hell-o
I was kinda confused on this land trust thing...Do I have to do it.....I meen just starting out it seems a little bit more confusing...is it some thing that I can do later.....If needed,,,,,,,,I started wandering becaue in Jeff kallers course he has kinda designed it for putting things into a land trust...He has alot of paper work that the seller signs for the land trust appionting a (trustee)..... It was my understanding that I only had to have the seller sign 1. p&s agreement ( or sould I use just the offer to purchase form) 2. warranty deed 3. cya letter 4. power of attorney 5. authorization of release 6. and the one that says I aggree to pay seller $xxxxx for deed ( please through me a bone on that one ).........If I'm totaly wrong please let me know..........I'm trying to understand all the paper work for this sub/2 side of REI........Thank you for your time and help...it is greatly valued,,,,,,,,,,,,,,,,,,,,,,,,,,MD
[ Edited by mjdreal on Date 12/12/2003 ]
You don't have to use a land trust, but they do have their advantages. A land trust conceals ownership and can also help with chain of title issues (a hot topic with lenders). It's probably in your best interest to find someone who has done one before and have them show you how to write it up. it's really not that difficult, a few papers to sign, one that's recorded, that's about it.
Andy
I wouldn't mess with it but my philosophy is that you need to go out and do it. Learn enough to protect yourself from the fatal mistakes but go out and do it. Once you have money you can worry more. Others may disagree but if you never think you know enough to take action you will never leave the rat race.
I thought that Jeff Kaller specialized in Short Sales.
Land Trusts allow you to control properties without it showing up on public records. There are other aspect of land trusts that could be considered beneficial as well.
It's a personal decision.
Good luck,
Jeff
We use land trust daily. It is just for peace of mind (lawsuits/due on sale) It is not hard to use and serves a purpose but like all other leagal forms don't use it unless you understand how.
Sire
Learn to walk before you start dancing the fandango. I use land trust frequently. There a few nuances about L.T. which you need to know to keep from creating more problems than they solve.
Do some transactions without a land trust. Once you feel confident with those manipulations then try the land trusts.