|
New Investor
|
Reuse Land Trust Agreement
Tuesday, August 24 2010 05:57 PM
Ok, Here is another question about Land Trust. I just sold a property that was held in a Land Trust. I remember reading that the Trust can be used again for another property. How would i go about that??? I understand the Warranty Deed to trustee but how do i go about doing the Trust agreement over???? That document was already created for the other property.
Question 2: I have been naming my Trust with the property address (1234 Main Street Land Trust) Now if I decide to reuse the trust that name wouldn't work.
REPLY
|
|
Randy Hughes
Land Trust Expert-40+ years of experience
|
Re:Reuse Land Trust Agreement
Wednesday, August 25 2010 10:18 AM
New Investor,
PLEASE SEE MY COMMENTS BELOW IN BOLD.
RANDY
Ok, Here is another question about Land Trust. I just sold a property that was held in a Land Trust. I remember reading that the Trust can be used again for another property. How would i go about that???ONCE YOU DEED THE FIRST PROPERTY OUT OF THE TRUST...THE TRUST IS EMPTY. THEN, DEED THE SECOND PROPERTY IN AND AMEND THE TRUST TO REFLECT THE NEW PROPERTY'S LEGAL DESCRIPTION.
I understand the Warranty Deed to trustee but how do i go about doing the Trust agreement over???? That document was already created for the other property.YOU DO NOT "DO IT OVER" YOU JUST AMEND IT AS STATED ABOVE (THE FORMS YOU NEED ARE IN OUR LAND TRUSTS MADE SIMPLE HOME STUDY COURSE MATERIALS.
Question 2: I have been naming my Trust with the property address (1234 Main Street Land Trust) Now if I decide to reuse the trust that name wouldn't work.YES, IT WILL. THE NAME OF THE TRUST HAS NOTHING TO DO WITH THE PROPERTY'S ADDRESS. IN FACT, YOU SHOULD NEVER NAME A TRUST THE SAME AS THE PROPERTY ADDRESS. SO, IT WOULD BE A GOOD DIVERSION FACTOR TO HAVE THE NAME OF THE TRUST AN ADDRESS THAT DOES NOT COINCIDE WITH THE ACTUAL PROPERTY BEING HELD IN TRUST.
Randy Hughes
866-696-7347
REPLY
|
|
New Investor
|
Re:Re:Reuse Land Trust Agreement
Thursday, August 26 2010 09:44 AM
Ok i understand now. As for a Land Trust name (Can I use the word Holding in the name) Something like the Tri-City Holding Land Trust.
REPLY
|
|
Randy Hughes
Land Trust Expert-40+ years of experience
|
Re:Re:Re:Reuse Land Trust Agreement
Thursday, August 26 2010 10:33 AM
Yes, you can use anything you want in the name of a land trust as long as you do not violate other registered names. For example, you could not call your trust "General Motors" if General Motors is a registered name. But you could name your trust "GM" The concepts are endless!
Randy Hughes
866-696-7347
REPLY
|
