Land Trust
Hello. I live in Texas. I trying to gather information regarding land trust. I really would like to see a copy of a www.trust.My major question?? Is a trust the same as a land trust? Is called a trust that just happens to hold land? what about cars?
Please help!! [ Edited by 4realgroup on Date 07/15/2004 ]
You're exactly right...it's merely a trust that owns RE.
NO separate legal category for land trust, car trust, whatever.
And a trust is at heart merely a pvt contract between the Grantor/Giver and a trustee, f/b/o whomever are the beneficiaries.
Not recorded, not public, and LOTS of RE around the world is owned by trusts, in relative anonymity.
Thanks for the reply. You use the words annonymous. I guess it would be impossible to see copy to set-up a trust. How do they provide legal protection? can a trust , own a trust? Can a Judge order a trust to be shown?
Thanks,
Do I transfer my property to the trust in way of a DEED OF TRUST? and file it with the county?
Quote:
On 2004-07-15 13:31, 4realgroup wrote:
Thanks for the reply. You use the words annonymous. I guess it would be impossible to see copy to set-up a trust. How do they provide legal protection? can a trust , own a trust? Can a Judge order a trust to be shown?
Thanks,
Do I transfer my property to the trust in way of a DEED OF TRUST? and file it with the county?Trusts provide legal protection in the sense that the beneficiary of the trust stays out of the public records (in most states...AZ is a problem, I think). Prying eyes in the public records won't be able to tell how much real property assests you have...in other words, if it looks to the world like you have deep pockets, you're a bigger target for litigation. That's the value of anonymity.
A trust owning a trust? Don't know, but doesn't seem beneficial.
Yes, a judge can order you to produce a trust.
Use a Warranty Deed or Quit Claim Deed to convey title to your trust.
Your best bet is to pick up a book or course on the topic. There's a guy in Florida named Mark Warda that sell a book. Also, Bill Bronchick has a course. And there's a guy named Ward Hanigan in San Diego that that will teach you in his offices.
The very best place to learn about Land Trusts, and other Trusts, is to go to "www.LegalWiz.Com", and talk to Bill Bronchick, Attorney-at-Law. Maybe consider buying one or more of his books - you cannot go wrong.
A Deed of Trust, or D/T is a whole 'nother kind of critter...it's NOT a deed to one's own trust, but to a trustee created by contract for the benefit of a lender...and a D/T in D/T states, is the legal alternative, in those states, to a mortgage.
In mortgages, they have to be foreclosed by court action & judgment...but a D/T is foreclosed by the Trustee, out of court, by following the state's stautory procedures re D/T foreclosures...much simpler and cheaper than Judgment then foreclosure.
And the D/T is cancelled as soon as the loan is paid, and the Trustee does NOT come into title and cannot sell what he has...NOT a regular deed at all.
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