Land Trust - Posted by Alan

Posted by colvegas on October 31, 2006 at 17:28:17:

Alan,
Your expert has some very good advice.That sounds like a tranfer fee and if you transfer to your company or LLC you can invoke a due on sale violation from your lender so using the trust was prudent advice as well as providing good asset protection for your property.
Question 1: No your name is NOT on the public record once your trustee records the deed of trust via his/her name or corporation in the title vesting.

The trustee is now the owner of the property not you hence the trust. In most cases Ive seen the trust name is usually named by the property’s address i.e the 123 Maple St TRust and it is assigned a trust number as well.

Question 2:The renter is leasing from the trust so the trustee should be signing in your behalf.
The trustee owns the property once they accept the title vesting from you and now you are referred to as the settlor/grantor beneficiary but you can act as an agent being the beneficiary to enforce the lease agreement. You as a beneficiary control the property by retaining your beneficial interest, but actually own nothing…You direct the trustee if this is a beneficiary directed trust.

If I can help further feel free to contact me at 702-400-7632…

Land Trust - Posted by Alan

Posted by Alan on October 28, 2006 at 05:08:09:

I closed on a rental condo where the mortgage is my personal name. When we tried to Quit Claim Deed the property to our LLC, we were told that we had to pay over $2,000 in taxes because their is a mortgage on the property. Our Real Estate Expert advised us to do a Land Trust where our LLC is the Beneficiary to get around this fee. Here are my questions:

  1. This approach provides some level of legal protection, but the property will still show my personal name in the public records. How do I get my name off the public record?

  2. I am assuming that the Beneficiary and not the Trustee should sign the Lease Agreement with the future Renter. Is this correct?

Thank you!