OfflineHello my talented, intelligent, and resourceful DG family!!
I have read plenty of posts on Land Trusts to purchase property, BUT I haven't read WHEN to submit the land trust agreement. Should the LTA be submitted with the offer? or should I just give the agent notice of my intention to close with a trust?.... and if someone would be so kind as to post a sample/editable LTA. Thanks!
Also, I've read Anitarny's thread with numerous contracts, but the purchase agreement posted was geared more toward a private owner. I am looking to make an offer to a bank. Can some one post a purchase agreement to purchase REO's??
Thank you sooooo much,
Signed,
Looking to make an offer NOW! : )
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with a land trust agreement on it; I will put it at the end of this message.
When you buy with a land trust, you don't want to submit the land trust with the offer; only 'DIRECTIONS TO THE ABC123WEE Land Trust Trustee' naming you as the trustee with the instructions to purchase the property for the ABC123WEE Land Trust. I have a sample form, but can't post unless I put on a message I originate, so what I'll do (and it won't be until this weekend) is put a copy of that agreement on my journal. (And if I forget, send me a scolding PM, as I get overly busy)
A trust is actually a private document that is establishing its own entity and should never be copied by anyone or given to anyone. If you ever really need to do the trust at all (if you're assigning) you may not ever need to fill it out. And, all that juicy info and a copy of a land trust, can be found in this thread: http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...
I will be reading the link... and following your journey.
Just wanted to add to this a question.
I am not savvy about understanding how the trusts work. When I called you (Tammy) about the property in a trust I looked at, you mentioned having it put in my name. Is there anywhere I can learn a bit more about this sort of thing? I know it wasn't covered in the PMI, and would like to understand more when I talk to the daughters.
I looked at the property and does need some tlc, but it also has the old fuses for the electric box. However the yard is really nice but is cluttered with some branches and grass is waist high. Home is small but really a perfect location with lake rights. This is also a beautiful lake, very popular with nice homes.
But it is in that trust. So would like to understand it a bit more before I discuss anything further with the daughters.
Sandi
Read this thread through. It explains a lot.
http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...
Thanks I will do that, and maybe I can find out through my REI club if anyone there does anything with trusts. Would just hate to give an owner wrong info.
Sandi
What you can do with the property in the trust is ask that the BENEFICIAL interest be transferred to you (or your company), and that the trustee resigns. Then you have 2 weeks to record with the county a new trustee for the trust. The property remains in the name of the trust, you will not have any tax reassessment or show a sale in the records.
OR, if you have an end buyer, when it closes; beneficial interest can be transferred to them; trusteeship to you, and once you get paid your assignment fees, you resign as trustee and then they can either designate a new trustee and keep it in the trust name or they can let the trust expire and record the trust as dissolved and put it in their name; but it would be up to them to do that, not you.
I'll PM you course on land trusts that was WONDERFUL!
Zion,
By all means post it... or PM it to me as well. I'd like to read all I can about it.