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ACAPerson
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Selling house under land trust
Saturday, July 03 2010 01:03 PM
Hi, All,
I talked to a person in title company and asked if the house under land trust will have any issue when selling such house. He told me that there may be some issues if the the beneficiary of land trust is not the same person who bought such house.
It is possible that the person who bought such house is different person who is the beneficiary of the land trust for such house.
If there are issues when selling such house in such a case (i.e. the beneficiary is not the same person who bought such house), what can be these issues? Is it possible that the title company will not insure such house because the ownership for such house is changed (by changing beneficiary so the ownership is very complicated)? Or title company will ask land trust to change beneficiary to the original buyer before such house can be sold? If that is the case, the house may not be easy to sell.
John
REPLY
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Selling house under land trust
Saturday, July 03 2010 01:33 PM
ACA,
SEE MY COMMENTS BELOW IN BOLD.
RANDY
I talked to a person in title company and asked if the house under land trust will have any issue when selling such house. He told me that there may be some issues if the the beneficiary of land trust is not the same person who bought such house.
It is possible that the person who bought such house is different person who is the beneficiary of the land trust for such house. YES.
If there are issues when selling such house in such a case (i.e. the beneficiary is not the same person who bought such house), what can be these issues? Is it possible that the title company will not insure such house because the ownership for such house is changed (by changing beneficiary so the ownership is very complicated)? Or title company will ask land trust to change beneficiary to the original buyer before such house can be sold? If that is the case, the house may not be easy to sell. THIS ISSUE IS TOO INVOLVED TO ANSWER IN THIS POSTING. PLEASE ATTEND OUR NEXT Q&A CALL ON SATURDAY THE 10TH OF JULY TO DISCUSS THIS IN DETAIL (YOU MUST BE A MEMBER OF THE LAND TRUST UNIVERSITY TO ATTEND THE Q&A CALL). TO JOIN THE UNIVERSITY GO TO:
http://www.realestateforprofit.com/land_trust_products/134/Land_Trust_U_Membership.aspx
Randy Hughes
866-696-7347
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