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Talk2Planes
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Warrantee Deed's to Trustee
Friday, May 16 2008 10:24 PM
I recently created Warrantee Deeds to Trustee for property's I own in Tennessee. When I went to the court house to file the deeds I got all kinds of questions from the lady behind the counter. I ended up leaving without getting the deeds filed. Question- Is it normal or are you suppose to pay transfer taxes on the property's when you transfer them to the trustee? My wife and I are the Beneficiary's of the property now and will be in the trusts. I called the court house and they said I could quit claim the property's and avoid the transfer taxes, Is it normal when putting property into trusts. I.E. Warrantee deed to trustee, to pay transfer taxes, or is Quit claiming them viable. And If you do quit claim them how are they worded? Quit Cliam deed to Trustee?
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Randy Hughes
SFH Master Advisor
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Re:Warrantee Deed's to Trustee
Wednesday, May 28 2008 01:30 PM
Talktoplanes,
SEE MY COMMENTS IN BOLD BELOW.
I recently created Warrantee Deeds to Trustee for property's I own in Tennessee. When I went to the court house to file the deeds I got all kinds of questions from the lady behind the counter. I ended up leaving without getting the deeds filed. Question- Is it normal or are you suppose to pay transfer taxes on the property's when you transfer them to the trustee?NO, YOU SHOULD NOT HAVE TO PAY TRANSFER TAXES WHEN YOU PLACE YOUR PROPERTY INTO A LAND TRUST. GO BACK AND ASK FOR SOMEONE WHO HAS EXPERIENCE FILING A TRUST DEED. YOU MIGHT TAKE YOUR TRUST AGREEMENT ALONG WITH YOU TO PROVE THAT YOU ARE STILL THE "OWNER" VIA THE BENEFICIAL INTEREST...ASSUMING YOU ARE THE BENEFICIARY. BUT DO NOT GIVE THEM A COPY OF THE TRUST AGREEMENT.
My wife and I are the Beneficiary's of the property now and will be in the trusts. I called the court house and they said I could quit claim the property's and avoid the transfer taxes, Is it normal when putting property into trusts. I.E. Warrantee deed to trustee, to pay transfer taxes, or is Quit claiming them viable. And If you do quit claim them how are they worded? Quit Cliam deed to Trustee?
YOU COULD QUIT CLAIM THEM TO THE TRUSTEE BUT THIS WOULD NOT BE THE CORRECT WAY TO DO IT. TRY MY SUGGESTION ABOVE. IF THAT DOES NOT WORK, ASK THE LADY AT THE COUNTER WHAT ATTORNEYS COME IN AND RECORD DEEDS INVOLVING TRUSTEES. THEN, CALL THAT ATTORNEY AND ASK HIM HOW HE DOES IT THERE LOCALLY.
GOOD LUCK,
Randy Hughes
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tammy714
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Re:Re:Warrantee Deed's to Trustee
Friday, June 13 2008 02:50 PM
We Put a warranty deed in a land trust with us being 100% Beneficiary....How do we revoke this and get our deed back in our name?
Thank you Tammy
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Randy Hughes
SFH Master Advisor
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Re:Re:Re:Warrantee Deed's to Trustee
Friday, June 13 2008 03:26 PM
Friday, June 13 2008 02:50 PM
We Put a warranty deed in a land trust with us being 100% Beneficiary....How do we revoke this and get our deed back in our name?
Thank you Tammy
TAMMY, SINCE YOU ARE THE BENEFICIARY OF THE LAND TRUST ALL YOU NEED TO DO IS DIRECT THE TRUSTEE TO SIGN A TRUSTEE'S DEED FROM HIM (THE TRUSTEE) TO YOUR PERSONAL NAMES. THEN RECORD THE TRUSTEE'S DEED AND THE PROPERTY WILL BE BACK IN YOUR NAMES (LIKE BEFORE).
Randy Hughes
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tammy714
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Re:Re:Re:Re:Warrantee Deed's to Trustee
Friday, June 13 2008 04:02 PM
But what If you can not get in touch with the Trustee? We have called and called but no return call....and the other number we have for his is disconnected....(sigh)
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Randy Hughes
SFH Master Advisor
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Re:Re:Re:Re:Re:Warrantee Deed's to Trustee
Friday, June 13 2008 08:00 PM
Tammy,
But what If you can not get in touch with the Trustee? We have called and called but no return call....and the other number we have for his is disconnected....(sigh)
THIS IS ONE OF THE MANY BENEFITS TO USING A LAND TRUST...THE FLEXIBILITY! ALL YOU HAVE TO DO IS FIRE THE CURRENT TRUSTEE AND NAME A NEW TRUSTEE! THE FORMS ARE INCLUDED IN OUR HOME STUDY COURSE.
Randy Hughes
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tammy714
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Re:Re:Re:Re:Re:Re:Warrantee Deed's to Trustee
Sunday, June 15 2008 06:27 PM
Ok heres another question, IF I signed a "Assignment of Beneficial Interst" 100% to an investment group (which by the way WHAT does this term mean?) ...Do I even still own my own property? Heres The deal....2 years ago a real estate broker came to my house offering to buy my house, He said in order to keep liens or judgements against it i had to place it in a land trust, then i needed to sign limited power of attorney to him...he is a managing member of E&M investment group LLC of which i had to sign Assignment Of Beneficial Instrest to. Now ...He has my house and I have the Mortage....Can ANY OF this be revoked....Seeing that he never Paid off the mortage? How do I revoke a land Trust and get my house back...This is a nightmare!! Is ANY of this legal? Can I just revoke the land trust? Being the investment company and The real estate broker are the same? Their is a closeing date on my sellers agreement where the mortage was suppose to be paid, but I guess it went into a land trust it didnt have to....PLEASE help!
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tammy714
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Re:Re:Re:Re:Re:Re:Re:Warrantee Deed's to Trustee
Sunday, June 15 2008 08:10 PM
Oh and did I mention that at the time of all of this my house was going into Forclosure?...Is any of this legal....Should I go to public records and record all of this...??? Or maybe just hand it all over to my mortage company to sort out?
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Randy Hughes
SFH Master Advisor
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Re:Re:Re:Re:Re:Re:Re:Re:Warrantee Deed's to Trustee
Sunday, June 15 2008 09:26 PM
Tammy,
You need a good attorney to help you. You cannot just revoke the land trust. What you have done leaves you little if any control over the property. If the house gets foreclosed the land trust will slow things down but not save it from the lender taking it back. Everyone will lose. If there is any equity in the house for you to be concerned about...or if you are just concerned about your credit rating be spoiled as a result of foreclosure...seek competent legal advice NOW
Randy Hughes
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tammy714
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Re:Re:Re:Re:Re:Re:Re:Re:Re:Warrantee Deed's to Trustee
Sunday, June 15 2008 09:47 PM
Actually I have nothing to lose! I have turned this scam into the Attorney Generals office, Our Govenors Office, Police report has been made, Mortage company will be told as of tomorrow. Because i refuse to pay on a house that i was scamed out of do to a land trust scam. I have no money left to pay an attorney due to these land trust scammers. I am also takeing it to the local news. I was lead to beleive one thing when actually it was something totally different. I looked threw public records and seen how they transfered 12 deeds in one day...Mine being one of them and all the people were going into forclosure. So land trusts ARENT a good thing! I hope these people get prision time out of this!
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Randy Hughes
SFH Master Advisor
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Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Warrantee Deed's to Trustee
Sunday, June 15 2008 10:30 PM
Tammy,
where do you live? what state and city
Randy Hughes
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tammy714
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Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Warrantee Deed's to Trustee
Sunday, June 15 2008 10:40 PM
Saint Petersburg, Florida
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Randy Hughes
SFH Master Advisor
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Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Warrantee Deed's to Trustee
Monday, June 16 2008 10:40 AM
Tammy,
It is not the Land Trust that is taking advantage of you, it is the unscrupulous people. Please seek legal counsel...even if it is the "free" kind that is available to those who cannot afford it on their own.
good luck,
Randy Hughes
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tammy714
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Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Warrantee Deed's to Trustee
Monday, June 16 2008 11:13 AM
I agree its the PEOPLE but I think if this could happen, then their needs to be TIGHTER laws outlining what can be placed in a land trust and what cant. Anyway I am just letting mortage company Handle all this because this was a Fraudulant transaction all the way around. And I think the title company and the real estate broker should be investagated. Plus I am filing a report against all of them involved to the DBPR. Hopefully so good will come out of all of this...I was scammed and if it could happen this easy to me...then it could happen to others....Thank you for your advice
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