Archive for the ‘land trust’ Category

Minnesota Land Trust: Seasoning and Documents

Thursday, June 26th, 2008

MN-Minnesota-short-sale

Minnesota Short Sale Homes

This article comes from Mario, and agent, who has done a lot of

The deed into the trust is not recorded until the day of closing. So although a deed transfers ownership rights (whether recorded or not) you cant transfer it twice. So when i am first getting docs
signed i do have them sign the deed and get it notarized but I dont record it until the day of closing. I have the closer record it with all the other docs she is overnighting to the county.
both the trust buying from the seller and end buyer buying from trust must happen on the same day. In order to avoid any confusion when the end buyer is getting financing lined up (because they will not see the name of the trust on title or tax records but will see the trustee on the
executed pa) i will tell the end buyers agent or the buyer that we have very RECENTLY deeded the property into a trust to avoid having liens put against the property before the closing and tell them that is why a
trustee executed the pa and is now in charge of managing the sale of the property. Although there is nothing wrong with it, if you have read any of my other posts you will know how I feel about this but, most agents dont understand real estate if it is not the most simple structure
and a lot of advanced investors dont even understand trusts so you want to keep things as simple to understand as possible for them to avoid confusion and having to over explain everything for an hour.
This is probably the most confusing part for people because they are used to hearing about “subject to” deals where they walk away with a deed and go to record it and then can go sell it when ever they want. Its a little different because of the seller’s lender’s guidelines in the short sale approval letter.
Hope that helps. let me know if you have anymore questions.

Ron did a longer more detailed article at this link for minnesota short sale

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Related Posts on This Topic

Land Trust Real Estate: Louis Brown Program Review

Saturday, May 10th, 2008

I just finished listening to a 2000 version of Street Smart Asset Protection  TRUSTS, cassette tapes.  This was the best resource to date I have had to learn the details of land trusts for real estate.  It covers a few other types of trust such as revocable, irrevocable and living trusts.  It goes over in the first tape why you really need land trust in what situations in life.  It ends on the 6th and final tape in the series about personal property trusts.   Properties are put into land trust for privacy.  The trust itself will have a grantor creator of the trust.  A trustee which will make the decisions and sign leases, paperwork, closing paperwork, deeds, etc.  Then you will have a beneficial interest. You may have more than 1 beneficial interest.

The beneficial interest directs the trustee on what to do with .  The beneficial interest is just considered personal property.   The equity or value in the property is usually in control of the beneficial interest.   These land trusts are a layer of protection in addition to LLC’s and other asset protection vehicles.  You really want to look into the privacy and the protection they offer.  These tapes will go over what needs to be in a trust.   Personal property trusts will hold ownership of personal goods like paintings, furniture, vehicles, etc.  Land trusts can have management contracts, and the Trustee could sign as the manager on properties, etc.   Land Trusts are on the public record and keep your personal name off of public record.  It’s great if you can take title to a property in a land trust as it keeps your personal name out of the chain of title.   You will file your taxes as a passthrough, and file like you normally would. For example if your LLC is the beneficial interest in , you would file your taxes for the LLC like normal, if you didn’t ever originally ask the IRS for a tax ID # for the landtrust.  Name your landtrust whatever you want.

You can catch some seminar dates by here http://www.louisbrown.com/calendar.php

To learn more about land trusts you should contact one of the local experts Mike Jacka at MNREIA.com

I will have more detailed updates on land trusts in the future, please stay tuned.

If you have questions about real estate at anytime please email me ron@minnesotainvestors.com

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Here is a book I’ve read and enjoyed on land trusts

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