Posted by colvegas on December 29, 2006 at 14:32:58:
Roy,
YOur title company evidently does not know anything about the Garn St Germain act of 1982 regarding section 8a this is a federal statute so I would get another title company whom recongnizes land trusts.
I work with a company whom has their in house attorney legally review the trust and trust are valid in all 50 states. Oh btw NOe legal advice is being given or abdicated here.
As to the Missouri land trust legistlation there is not specific land trust authority but functional by the land trust’s exclusion from prohibitions within trust and land and land use regualtions. Please see Missouri Statute 456.020.
As in most states the trustee should have specific duties such as actively dealing with the matters of the property and its title, in order to avoid characterization as a passive or dry trust.
Roy this is from Bill Gatten’s course book whom is a leading authority on title holding Illinois beneficiary directed land trusts…
The reason i put this is is to show you that land trusts are legal and your title company is clueless…
Feel free to call me at 702-400-7632 if I can help further.
Happy New Year
We’re in Florida and use Land Trust. I bought a property in Missouri, and using a title company in Mo. to close. Trying to deed the property in trust. This is thier (3rd) response. I have sent them 3 different Trust.
Roy, I forwarded this trust to First American. They replied that this is a land trust which are not acceptable for us to insure in Missouri. They are acceptable in Florida since it is a Land Trust state. I still suggest having a Missouri attorney prepare the trust would be your best option if you are wanting the title vested in a trust.
My question is; Does Missouri use a different Trust?
I’m in Florida and haven’t found a Real Estate attorney in S.E. Missouri, looking on the Net.
Posted by John Merchant on January 09, 2007 at 10:20:40:
Lots of investors get the distinction (between title and escrow’s roles at closing) confused or blurred and that may be happening here.
Title co issues T insurance.
Escrow does the closing docs and handles the closing, recording, payment of purchase price, etc.
Most big national title companies operate by their own internal rules that require them to notify the bank whenever a buyer is buying “subject to” the lender’s loan.
When I learned that, I moved all my closings to a private Escrow Co that doesn’t do that…and so should you.
I’d guess every county in the USA has at least one private, lawyer operated escrow company, that does lots of local closings…and that’s where I’d advise you to go.
Check Escrow Companies on internet in county of your property and you’ll find one or more.
Those same escrow company lawyer/owners have connections to Lawyer’s Title or some other T Co so they can issue T insurance in their offices…and being lawyer run, the lawyer can and will make decisions that a non-lawyer might be afraid to make.
I’ve run into other escrow companies and officers over the years who were afraid to do something or other, but when I moved the escrow to a lawyer run company I had no problems getting it done the way we’d agreed.