Best Way To Title Real Property ?
a living trust, with the proper clauses, receives asset protection from creditors of the beneficiaries, after the grantor dies.
what is the best way to hold title to real estate to accomplish ease of transfer with title companies, ease of refinancing with banking institutions, while keeping asset protection, but not using the same trust name as the living trust, to separate the ownership - so that if someone goes after the property, no other assets can be pierced ?
John,
I am surprised by your response. Every single bank I have dealt with (Countrywide, WAMU, BOA .. etc) will absolutely not lend to an LLC. They have all insisted that the title is taken in the personal name of the applicant.
Which banks are you dealing with to get non guaranteed signatures for loans to an LLC?
Thanks.
i dont know much about llcs, except here in california i think it costs $800 a year. i do know that people use llcs as their trustee.
from what i have been told, the illinois land trust (title holding trust) is easily used by banking institutions.
i dont know if you can put the typical asset protection clauses in those trusts, like you can the typical living trusts.
does this site have any good info on llcs ?
im utilizing the illinois land trust (title holding land trust) to simulate lease options, wraps, land contracts etc.
i have few properties that are under non exclusive option contingent upon finding a qualified tenant to take over our payments and put up 3% towards trust contribution.
land trust is the main vehicle to hold real property for me. the beneficial interest can be held inside of an LLC as an extra layer of security.
i know of a good site that talks about title holding land trusts (illinois type)
Quote:
On 2008-07-23 19:59, hard-money-lender wrote:
i dont know much about llcs, except here in california i think it costs $800 a year. i do know that people use llcs as their trustee.
from what i have been told, the illinois land trust (title holding trust) is easily used by banking institutions.
i dont know if you can put the typical asset protection clauses in those trusts, like you can the typical living trusts.
does this site have any good info on llcs ?