Posted by ifindyoubuy on September 03, 2004 at 23:08:34:
JT-IN,
Are you saying that a Warranty Deed shares the concept of a Quit Claim Deed? For example, I wanted to purchase properties in my partner’s name b/c his credit is better than mine. I’m the person that’s actually going to control properties and lease them out. I figured that once the financing was done, I’d have him sign a QC and release all control to me.
Are you telling me that the Warranty Deed from him to me would serve the same purpose? With a WD, would he have any remaining rights or control over the property?
This might seem like a stupid question, but what happens to the property’s title insurance once the property is assigned to a land trust?
I’ve been reading a book about asset protection that indicated the title insurance might become void if a quit claim deed is used instead of a warranty deed. Has anyone w/ land trust experience come across this scenario?
Posted by JT-IN on September 03, 2004 at 04:45:52:
The Assignor, aka the Grantor, “hereby assigns all right, title and interest in the beneficial interest, including the power of direction and revocation, under a certain Trust Agreement, …”
You will also need to have the Trustee sign off on the transfer of Ben Int…
Re: Land Trust Question…assignment of Bene Int. - Posted by romitobaby
Posted by romitobaby on September 02, 2004 at 21:37:24:
This is what I think you are asking:
John and Mary Sellers (aka assignors) assigns their beneficial interest in the Land Trust to Joe Investor (aka assignee . . . who in your case happens to be an individual).
I wouldn’t think it would matter to whom the land trust is assigned, but as always seek some legal and/or financial advice.
Posted by JT-IN on September 03, 2004 at 14:37:46:
Why would you asume that a Quit Claim Deed was involved…? An Assignment of Beneficial Interest is not “Deeded”. It is conveyed by a Bill of Sale, as the Beneficial Interest is NOT Real Property, but Personal Property.
If I were having a proeprty deeded to a Land Trust, it would be Warranty Deed. Once the real proeprty is within the corpus of the Trust, it is NO longer Real Property… and a Deed is not part of the transfer at all.
All too often folks discuss having a Seller convey proeprty by a “Quit Claim Deed”. In most cases a Seller cannot tell you the difference between a Quit Claim and a Warranty Deed. They would sign either one that is plopped down in front of them. I never use a Quit Claim Deed unless there is a divorce situation, and the conveyance by Q.C. is dictated by one’s Atty. Otherwise, when a Deed is required, it is a Warranty Deed, as if that was the only option. This is just my approach…