Group: Members
Posts: 2
Joined: 18-March 05
Member No.: 5,731
City:Jacksonville
State:Florida
Level:Part-time Investor
Occupation: Researcher
We have a subject to deal in which we had the seller put the house into a landtrust and then assigned the beneficial intrest in the trust to our LLC. My question is, of all this paperwork, what gets recorded? Is it the deed showing the title transfer to the trust? Also, when we do this, does the title insurance that the lender and owner had in place transfer or not?
Group: Team Dealmaker
Posts: 1,046
Joined: 7-July 01
Member No.: 5
Level:Fulltime Investor
Well that is a little dangerous placing property into trust and not know what to do with it.
Now how to unravel.
What gets recorded. DEED only.
Title insurance is only good up until the deed was transfered by the previous seller. If something was done to the title 15 years ago then a claim could be made.
Future conveyence only pertains to a title issue that happened in the past.
Using Landtrusts For Subject To Deals, Using landtrusts for subject to deals
Mar 18 2005, 10:19 AM
