Posted by Rich-CA on January 22, 2009 at 12:48:02:
Title Companies have their own rules but it pertains to what they would be willing to issue Title Insurance for. They also have opinions, but they are not necessarily based on what the law allows you as a private citizen to deal with. As a regulated industry, insurance has many rules and regulations that do not apply to private transactions.
So tell them you will not be modifying the deed unless they can show you the state statute that applies to a private party transaction. Now, if you are asking them to file the deed, then you have to play by the rules. If you do it yourself, then you don’t have to.
We have used a land trust on a few deals in the past, worked out just fine. I was told today that we are not deeding the property properly. The owner of the property has always be The 123 Any Road Land Trust. I have just been told that the trustees name must be on the deed? Id that correct and if so that would make it pretty simple to figure out who ownes the property with very little research unless you use multi trustees.
Posted by John Merchant on January 22, 2009 at 10:47:04:
Rich is right on.
I’ve seen escrow officers and deals where they really pushed for name or trustee but so far I’ve been able to face them down and use just name of trust itself.
Anonymity of trust is really defeated where name or trustee is used.
Who told you this and which state - Posted by Rich-CA
Posted by Rich-CA on January 22, 2009 at 09:48:26:
What goes on a deed depends on state law and they vary quite a bit. The trust is the owner and should be the only name required on the deed. I have used this in AZ, CO & TX with no problems at all. They DO need a place to send tax bills and so on, but I use a PO box for that.