Can anyone give step by step instructions on how when buying property subject to the existing financing I can form a trust and have the property put into the trust?
Check out Mark Warda on the Internet. He writes a FL specific Land Trust book with the forms. 1) Land Trust form to put the property into a land trust. An entity that you control as trustee. Current owner as benficial interest. 2) Warranty deed to Trustee. Recorded. 3) Assignment of beneficial interest from the current owner to an entity which you control. Brenda
the trust is created by the signing of documents. warranty deed to trustee trust agreement assignment of benefical interest
I'd also get a power of attorney from the original owner. That way you have powers both as trustee and attorney-in-fact.
Check out Mark Warda on the Internet. He writes a FL specific Land Trust book with the forms.
1) Land Trust form to put the property into a land trust. An entity that you control as trustee. Current owner as benficial interest.
2) Warranty deed to Trustee. Recorded.
3) Assignment of beneficial interest from the current owner to an entity which you control.
Brenda
the trust is created by the signing of documents.
warranty deed to trustee
trust agreement
assignment of benefical interest
I'd also get a power of attorney from the original owner. That way you have powers both as trustee and attorney-in-fact.