Posted by Lazaro on July 15, 2001 at 08:40:38:
Thanks for the Response. So, all I need to do is name “Lazaro as Trustee of the 123 Main St. Trust” as Grantee. It looks like that would take care of naming the trustee on the deed.
Cordially,
Lazaro
Lein on a subject-to??? - Posted by Lazaro
Posted by Lazaro on July 14, 2001 at 15:31:44:
I have two questions for you guys. If I buy a home subject-to can a lein be placed on the home after I buy it.
So the real question is:
Can a debtor from the previous owner file a lein against the home while in a trust? Can they go after the home at all. What I am mainly worried about are Credit Cards or other loans not related to the home.
My other question is: On the Florida Warranty Deed do I just deed it to the trust and that is that? There is no place to place the name of the trustee. Is this okay?
Thanks for ALL the help in advance!
Cordially,
Lazaro
Re: Lein on a subject-to??? - Posted by WilliamGA
Posted by WilliamGA on July 14, 2001 at 17:32:56:
Lazaro,
No, the seller’s creditors cannot place a lien on the property after the sellers no longer “own” it.
I don’t know anything about a Florida Warranty Deed. I use the special deed with Bronchick’s Land Trust Course. It has verbage relating to the trust and the rights and responsibilities of the trustee.
I recommend that you think about getting it. Great course!
Good Luck!
WilliamGA
Re: Lein on a subject-to??? - Posted by Lazaro
Posted by Lazaro on July 14, 2001 at 20:12:02:
Thanks for the Help William. I was planning on just deeding it to the Trust. I would be using a regular Florida Warranty Deed which says NOTHING about trustee. It shows as the Main 123 trust as grantee. Does sound right. Your help is GREATLY appreciated.
Cordially,
Lazaro
Re: Lein on a subject-to??? - Posted by Bud Branstetter
Posted by Bud Branstetter on July 14, 2001 at 22:33:38:
Is there a reason you want to stike out on your own and chance a fall. The deed of trust language that is put on a deed is there for a reason. If someone doesn’t like it there is also a declaration of trust that has that same language that could be put on the deed. It is filed separately and has the legal on it just like the deed. It would seem easier to file one document than two.
If a person is not named the deed may not be valid. One of the doctrines of a trust is that someone is the trustee for the benefit of the beneficiary. No trustee-no trust. How do you intend to validate that the name that you put on the deed has a legal standing. Is it a corporation, a person or organization?
It is really not that hard to put “Lazaro as trustee of the 123 Main trust” as Grantee.
Re: Lein on a subject-to??? - Posted by WilliamGA
Posted by WilliamGA on July 14, 2001 at 20:15:44:
Lazaro,
Check and make sure that FL doesn’t require the trustee to be named on the deed. I understand that some states do.