Land Trust - 100 Percent Beneficial Interest ...Help!
Does anyone know the complete process of how to SELL your beneficial interest in a property. I assume you need to draw up assignment papers ,etc. I also assume that all of this needs to be done through the trustee and with an ATTORNEY nearby 
Any and all help is greatly appreciated. Thanks.
Hi Wayne,
Since you are selling the entire interest, you simply go through the traditional sales process and have your trustee sign off on the deal since he holds title. When the sale is finalized, the trust is dismissed. You would only need an Assignment of Beneficial Interest form signed if you were selling or trading a portion your interest. I hope this is of some help to you.
Da Wiz
da non-lawyer[ Edited by mtnwizard on Date 06/14/2006 ]
Da Wiz,
Thank you so much. I sent you a PM.
Thanks again.
Wiz,
Thank you.
That is the type of answer to a question we have been all hoping from you instead of the “throat stuffing”.
Please keep up the “good” contributions to the board.
John (LV)
TCI Moderator
Wayne,
In reading your PM, it became apparent to me that you may have been referring to YOUR 100% interest and that there may be other beneficiaries. If that is the case, you must use an Assignment of Beneficial Interest form if you are selling/transferring your interest in the Trust. By converting the beneficiary interest in a trust estate from real to personal property, such interest may be transferred by a simple written assignment, form, without public notice and without the expense and delay of procuring title policies.
You do have another option. In many cases, private lenders will make loans that can be secured by a collateral assignment of one’s full or partial beneficiary interest in a Trust . However, due to the lender’s general lack of knowledge about such trusts, don’t expect to accomplish much by approaching institutional lenders at random with a request for such a loan. Nonetheless, a lender opting to be secured by real estate would be far better off with a collateral assignment of such beneficiary interest, in that there would be no need for standard foreclosure, and time and costs constraints would be greatly diminished.
Again, I wish you the best of luck
Da non-lawyer Wiz
Many times if you are doing a wrap around or sub to financing you want to leave the property in the trust especially if you are working with an FHA loan.
You can just assign or sell your beneficial interest in the property and leave the trust intact. This preserves the chain of title (though at times you may want to record the change of beneficiary or assignment).
I bought a property two weeks ago for 14K down and assumed the underlying note (sub-to) I am now selling said property for 15-20K more and assigning the interest (beneficial) and note to the new buyer.
Good Luck!
[addsig]