LLC Or LandTrust
Hello,
this is a great site. Lots of good information. I live
in florida and I have two questions:
1- If I have a Land Trust setup,
on the lease agreement with the tenant,
do I put the name of the Land Trust where
the owner name should go?
2- Is it against FannieMae and FreddieMac guidelines
to use Land Trust to hold title or LLC to hold the title?
thank you much, Pam
1) No, they do not make checks out to the land trust. They either make it or you or your LLC. I represent myself as the property manager and the lease reflects my name as the acting agent.
2) I think all lenders are subject to the garn st germain act that established the right to use land trusts for estate planning purposes and avoid the due on sale clause.
GL
Ray