Land Trusts

[AngelMG 0]

We did our first subject to purchase today. We did form a land trust for the seller and then had them transfer beneficial interest to us. We took the Warranty Deed to Trustee to be recorded after our title company does the title work.

 

Here are the questions we had after going through the paperwork. Our trustee is out of state. Is it Ok if he signs the Declaration of Trust document a few days after all the other forms were signed by the sellers?

 

Also, are there any other documents we need to record other than the Warranty Deed to Trustee?

 

Thanks,

 

Angela

[Mark in St. Louis 0]

AngelMG,

 

I'm not an attorney so take my advice for what its worth.

 

My opinion is....it doesn't matter as long as he signs and dates with the same date that everyone else used on the form.

 

Bottom line is that the trust agreement is in your possession, in a filing cabinet, somewhere in your house. No one is going to see it unless you have a problem. I personally wouldn't even give a copy to my trustee.

 

You are correct in doing title work/check before having the warrenty deed recorded. It should be all you need to record. Just make sure you don't wait too long. All it takes is for a dishonest seller to sign another deal with another investor and that investor beat you to the courthouse. First to record usually wins!

[AngelMG 0]

Mark,

 

What about the notary in this case? They probably won't back date it.

 

Angela

[Mark in St. Louis 0]

What document are you talking about?

 

For the trust agreement you don't need a notary. Not recording it, therefore no need to notorize it.

 

For the Warrenty Deed To Trustee document, I usually have my trustee sign it before closing it with seller. Here, I believe it's the seller's signature being notorized....not the trustee.

 

Going forward, for an out of state trustee, just FedEx to them and have them FedEx back to you bfore closing with seller.

[-Tony- 0]

when doing biz long distance through snail mail you can have two notary stamps one for thier sig's and one for yours. As for if you need them or not I don't know.

[Jonathan RexfordFL 8]

Angel,

 

I do a few more than the average bear. From a title stand point think which came first. The chicken or the egg.

 

With the out of state trustee we always have the trust agreement dated the day or before the deed is dated.

 

Thats why when the Grantor of the deed Grants to the Trustee (Grantee) their needs to be a valid trust.