Using Land Trust when buying on Land Contract?? - Posted by NateTyler

Real Estate Investing
1

Posted by David Alexander on April 25, 2000 at 12:22:51:

My first guess is NO unless you can get the originally seller to deed the property to a trust and then there would be no point in the contract for deed. but, currently Your seller doesnt have anything to transfer into a trust.

I say that but also knowing that I guess you could set a trust to buy on Land Contract, but if that happens the Trust still only has an equitable interest.

I would look into discounting the original seller.

Hmmm, Interesting, after my beginning typing I realized maybe… Oh well you dont know what you dont know.

Good to see ya posting, we miss ya on the board

David Alexander

2

Using Land Trust when buying on Land Contract?? - Posted by NateTyler

Posted by NateTyler on April 25, 2000 at 12:05:41:

Hello friends:

I’m in the process of buying my first “keeper” investment property. Up until now, I’ve been strictly buying and selling through a corp.

I just set up a new LLC for holding this property, which is a 7 plex.

I’ll be buying it creatively with owner financing. The current owner is about 4 years into a land sale contract which I’ll be taking over.

I want to have the property titled in a Land Trust with the LLC as the beneficiary.

Can this be done since, as a buyer, you don’t actually get a deed? Would I just have the Trust be named on the contract for deed?

Thanks for any insight…

NT

3

Yup you can. You shore can. Yup, yup, yup - Posted by Bill Gatten

Posted by Bill Gatten on April 26, 2000 at 20:35:38:

Nate,

I’d sure suggest trying to do it the other way around (the easy way). The best thing to do may be to hold the property in a landtrust and do away with the contract for deed. The individual holding the contract would be better serged and safer too.

However… yes you could hold interest in a land sale contract in a land trust (any rela estate related asset…deeds, leases, options, etc.) It would, I prsume, be merely a matter of replacing the current “contractee’s” name with that of the trustee for your land turst. A bit convoluted, but another layer of protection perhaps.

Bill Gatten

4

Yes you may. - Posted by Rick V

Posted by Rick V on April 25, 2000 at 22:01:38:

Just show the trust as the buyer and have the trustee sign for the trust.