Posted by Michael Daniel on June 24, 2009 at 17:42:23:
Other than doing a title search and providing insurance, I see no other reason to use a title company, unless loans are involved.
Everyone I ask about land trusts are bewildered by them. The gurus who promote them are only painting a negative image.
Land Trust for Rural Acreage/Personal Home - Posted by John Smith
Posted by John Smith on June 01, 2009 at 07:15:21:
Most talk about land trusts deal with rental properties.
All I want to do is purchase rural land for a residence in cash. Most likely the land will already be owned free and clear by the seller.
In this case, there shouldn’t be anything to report on a tax return so a tax id number should not be required. All trust documents I have seen usually require a number which I don’t think is necessary.
I also wonder if using a title company is even necessary since the transaction is a very simple one of cash.
As for recording the deed with the county some say it’s not mandatory?
And William had mentioned that a trustee can be located out of state or even in another country. Any comments on this?
Re: Land Trust for Rural Acreage/Personal Home - Posted by John Smith
Posted by John Smith on June 10, 2009 at 12:07:28:
In a situation like this it appears that using a title company is not necessary, and most likely wouldn’t insure a land trust property anyway. I spoke to one and they said no.
I did discover that recording the deed is not mandatory, but in a way it is because of that ridiculous “constructive notice” thing.
I do wonder if county recorders have a problem with the Warranty Deed to Trustee?
And I still don’t know about a trustee being out of state or out of country.