Posted by Tommy FL on November 29, 2006 at 20:01:30:
No its understood that the trustee is a straw man and is not liable for anything but managing the benificiaries affairs.
Land Trust as Landlord - Posted by Matt So IN
Posted by Matt So IN on November 24, 2006 at 10:27:00:
Who is the landlord with a land trust? The name of the trust itself or the trustee?
Thanks, Matt
Re: Land Trust as Landlord - Posted by Tommy
Posted by Tommy on November 28, 2006 at 04:38:36:
The trustee is the landlord, the trustee works for the benifit of the benificiaries which are not ever required to be disclosed.
Title Co’s opinion is the important one - Posted by John Merchant
Posted by John Merchant on November 26, 2006 at 14:51:22:
While I’ve seen it done both ways, I’d think that since a Trustee is mortal and might die, quit or be discharged (all without effecting the life or health of the Trust itself*) it’d be better to have the Trust take title…then, when it sells, it’ll be a simple matter to prove it does own the RE, the Trustee signing IS the lawful trustee and has autority to sell, etc.
But really, I’ve found that talking to a good, reliable, knowledgeable & experienced title officer beforehand makes sense because when the T sells the RE, that Trustee seller is going to have to satisfy the title co. as to the legality at that time and the T’s ability to pass good title.
*Universal, ancient law is that no trust can fail for want of a trustee, and if & when a trustee dies, quits or is fired, some area court has the right to appoint a new trustee with authority as set out in the trust itself.
Re: Land Trust as Landlord - Posted by Matt So IN
Posted by Matt So IN on November 29, 2006 at 19:16:23:
Now wouldnt that leave the trustee liable for lawsuits?