Posted by Barry (FL) on April 20, 2005 at 19:03:25:
When you go to closing, whoever is doing the escrow will require to see the trust so that they know who to disburse the funds to and the title insurance co will require it to insure title.
The trust thing is to keep you off the radar for lawsuits. You shouldn’t have a problem showing the docs to a lender, an escrow or title company as proof of ownership.
Hope This Helps,
Land Trust Questions - Posted by Lee Allen
Posted by Lee Allen on April 20, 2005 at 18:47:10:
I have some questions about land trusts.
I have been told that I just fill out a land trust agreement and file it in my own filing cabinet.
Since noone really knows who the owner of the property is
then how would I sell or refinance the property?
What would keep someone from selling a property that is in a trust? What if he just told everyone that he is the beneficary? Since the true owner is not known couldn’t anyone show up and sell your property?
If you are using an attorney as your trustor would he go to your closing to sign paperwork?
If you are using an LLC as your trustor then who would go to the closing to sign your paperwork?