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…