Need Land Trust Help(Seasoning) - Posted by Jonathan Rexford

Posted by Bud Branstetter on November 03, 2000 at 09:47:37:


If you are going to deed it to a new buyer and wipe out the old lien it doesn’t make a hill of beans difference. Your name would not be in public records. At closing the trustee would sign and have to provide your name and SSN to the title company for the 1099.

If you are selling without wiping out the old loan and using the standard subject to approach then you want to deed it to the land trust that initially shows them as owning the beneficial interest. The assignment of their interest is then a separate document. If you had to show the mortgage company the document you could send them only the initial document. Very unlikely that they would have the trustee certify that no transfer has taken place. You would not lie, just not volunteer information.

If you approached it using the PACtrust method the owner would retain some beneficial interest with a contract to forfeit at the end of the trust. Using this method would not violate the DOS because they do retain “A” interest in the trust.

Need Land Trust Help(Seasoning) - Posted by Jonathan Rexford

Posted by Jonathan Rexford on November 02, 2000 at 19:34:52:

I have a home that I have a second on. The First is foreclosing and has agreed to allow the owner to make up payments. The owner wants out of the home and cannot make up the payments. I want the home. He is willing to dance with me on this. Here is my plan I just need the verbage in the deed could you TRUST EXPERTS TELL ME IF THIS IS RIGHT:

  1. Have seller to deed the property into My land trust and my attorney as trustee.


  1. Have seller deed property to in his own land trust with my attorney or friend as trustee.

If he did the latter of the two then he would assign his benificial interest to me. If he did the first then I would already have benificial interest of the property without going through the assignment phase. I am trying to get around the seasoning issue. I am not worried about the DUE ON SALE because I know I will sell the property within a few weeks. I have all the forms from Bronchick’s course I just need a quick help.