selling sub2 land trust - Posted by Jason

import · February 27, 2005, 8:35am

Posted by Brent_IL on February 27, 2005 at 13:29:41:

Marc’s right on both counts, specific reasons notwithstanding. Try it differently next time.

import · February 27, 2005, 8:35am

Posted by Jason on February 27, 2005 at 09:35:40:

I’m writing a contract to sell a home today that I have taken sub2 and put into a land trust. For specific reasons…I’m the trustee as well as the beneficiary. When writing the purchase and sale agreement, in the seller column do I put “my name, as trustee” or do I put the trust name.

thanks
Jason

import · February 27, 2005, 12:31pm

Re: selling sub2 land trust - Posted by Jim FL

Posted by Jim FL on February 27, 2005 at 13:31:32:

Jason,
The seller is the trustee.
So, on the contract to sell, listed under seller you put, “Jason, trustee”.

Drop me an e-mail when you get a chance, I have something for you that might help.

Happy investing,
Jim FL

import · February 27, 2005, 12:06pm

Re: selling sub2 land trust - Posted by abstract

Posted by abstract on February 27, 2005 at 13:06:27:

I was wondering, if the property is in a Land Trust,
maybe you could leave the proprty in the Trust and sell the buyer your beneficiary interest as personal property, and have him appoint his own trustee?

import · February 27, 2005, 9:11am

Dont do that. - Posted by Marc Donovan

Posted by Marc Donovan on February 27, 2005 at 10:11:45:

First your question, the trust is the seller. Seller is Acme Trust dated 2/1/04 and your signature line should be Acme Trust dated 2/1/04, by Jason, trustee.

But you should never hold beneficial interest and be the sole trustee. It voids the trust. You do have a bit of privacy because a casual look at the tax roll would show you only as trustee, but all of the other benefits of the land trust are lost when you are bene and trustee.

import · February 27, 2005, 8:55am

Re: selling sub2 land trust - Posted by Jeff S

Posted by Jeff S on February 27, 2005 at 09:55:14:

Im a newbie, and my advice may not be correct, but m wondering if you put your name as trustee on the Purchase aggreement, would you ever be able to change the trustee if you found not beneficial for you to be trustee. I would think you couldnt lose by putting the trusts name on the aggreement

import · February 27, 2005, 2:15pm

That works too. - nt - Posted by Marc Donovan

Posted by Marc Donovan on February 27, 2005 at 15:15:02:

nt