Posted by colvegas on September 07, 2006 at 18:36:59:
This is a convoluted deal here.
I would verify with a good R/E attorney but I agree with max on this and the huband probably signed an interspousal transfer of title to the wife…
Using the land trust provides that asset protection but what you should have done was to vest title as either your LLC the beneficial interest or as husband and wife as one beneficiary slot in the trust…you could do both thus asset protecting the property using the multiple beneficiary rules on non-partitioning of trust see Kenoe on Land trusts 1989 _Illinios…
I hope you did not break up the clean chain of title otherwise the trustee may need to do sime title searching on this deal before he accepts the title vesting…
good luck …
A couple divorced. Husband quit claimed his interest in a property to his wife. She then Warranty Deeded the House to a Land Trust and then assigned the beneficial interest to my LLC. Does the husband have to do a seperate quit-claim deed to the trust?
Re: Quit Claim in a Comunity Property State - Posted by Max-Va
Posted by Max-Va on September 01, 2006 at 21:00:45:
I am not an attorney.
Why do you think this?
Husband quit claimed his interest to wife. If that deed was recorded the wife now owns outright. She then deeded to trustee of Land Trust and assigned benifical to your LLC. Your LLC owns the property.
“Does the husband have to do a seperate quit-claim deed to the trust” you could but he does not have any interest in the property. It is like getting the neighboros to sign one as well they have as much interest as the husband