Site Navigation

Investor Information
Home
Monthly Update
Real Estate Articles
Real Estate Videos
Real Estate Success Stories
Real Estate Blog
Free Investing Books, Audios
Real Estate Books
Investing Glossary
Investing Abbreviations

Real Estate Products
No Risk Guarantee
Best Sellers
All Investing Products
Real Estate Courses
Real Estate Audios
Real Estate Ebooks
Real Estate Books
Real Estate Seminars
Special Offers

Investor Resources
Hard Money Lenders
Real Estate Agents
Handyman Services
Property Managers
Real Estate Clubs
Cashflow 101 Clubs
Business Tools
Tax Appraisal Districts
State Foreclosure Laws
State Property Codes
Proof of Funds Letter

Discussion Forums
Networking Forum
Beginners, Carlton Sheets
Bird Dogs, Wholesaling
Foreclosures, Short Sales
Sub2, Lease Options
Rehabbing, Landlording
Financing, Hard Money
Asset Protection, Legal
Commercial, Mobile Homes
Real Estate Marketing
Random Ramblings

Site Information
About Us
Advertise on REIClub
Contact REIClub
Link to REIClub
REIClub Facebook
REIClub Twitter
REIClub YouTube
REIClub ITunes
REIClub Testimonials
Press Releases


Flip Houses Using Our $
Training,Bus&POF Included!
Click Here Now!

--------------------------
Great Cash Flow
With Less Risk
Click Here Now!


Welcome, Guest. Please login or register.
Did you miss your activation email?
November 01, 2014, 01:39:04 AM

Home Help Search Calendar Login Register
Free Monthly Update
Name:
Email:
Click Here to Register for the Discussion Forums
Real Estate Investing Forums | Real Estate Investing | Asset Protection, Legal and Contract Issues, Income Taxes, 1031 Exchanges (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo) | Topic: CREATING A LAND TRUST?? « previous next »
Pages: [1]
Print
Author Topic: CREATING A LAND TRUST??  (Read 8092 times)
Thoward
Member
***
Offline Offline

Posts: 166



« on: July 13, 2006, 01:40:21 PM »

How does one go about actually writing up a land trust?

I've seen numerous (VERY VAGUE) forms online for free. Along with some very comprehensive forms that are more "fill in the blank" in type online also. Whats the best route to take in actually creating the land trust. After speaking with a friend of mine who's (a real estate attorney) he informed me that in NYS the trust DOES NOT need to be recorded (which i knew but figured i'd keep my mouth shut) but a document called a "declaration of trust" DOES in order to declare the trust an actual entity.

I don't want to go and create a trust INCORRECTLY, but it makes my stomach turn the amount of money some of these attornies will charge to create one. I'm looking for one to hold myself as trustee and my LLC as beneficiary. if anyone has ANY leads please HELP!!!!
Report to moderator   Logged
mcwagner
Member
*****
Offline Offline

Posts: 2057



WWW
« Reply #1 on: July 13, 2006, 02:02:02 PM »

I had an atty do the first one ($300 I think) to make sure I was in agreement with state laws.  after that it was fill-in-the-blank.
Report to moderator   Logged

Mark Wagner, CPA, LLC
Certified Public Accountant
http://www.facebook.com/MarkCWagnerCPA
Thoward
Member
***
Offline Offline

Posts: 166



« Reply #2 on: July 14, 2006, 08:03:53 AM »

$300 isn't bad at all. I was under the impression I was looking at a $2000+ cost to have it drawn up (too much time on the internet  eyecrazySmiley.   Well if thats the case should I just go all the way and tie an LLC into the trust from the beginning or should I just put my name on it. If so, should I list myself as the beneficiary or trustee? Kinda confused on how to initiate  and execute the process on my very first property.
Report to moderator   Logged
mcwagner
Member
*****
Offline Offline

Posts: 2057



WWW
« Reply #3 on: July 14, 2006, 08:07:41 AM »

if you're the beneficiary, then you haven't accomplished anything!

Friendly 3rd party or LLC should be bene.  3rd party trustee (this will cost you like $200 plus $25 annually) is recommended.  some people recommend your atty at trustee for that client confidentiality thing.  others recommend a neutral trustee.
Report to moderator   Logged

Mark Wagner, CPA, LLC
Certified Public Accountant
http://www.facebook.com/MarkCWagnerCPA
BillGatten
Member
*
Offline Offline

Posts: 9



« Reply #4 on: July 14, 2006, 04:18:19 PM »

Creating a land trust is no big thing...and as I mentioned in another post, anyone can be the trustee if they're not planning to hold the property for an extended period of time (e.g., a year or less ..."One needn't buy a parachute just to jump off a curb").  If, on the other hand, you are holding for a long time, or involving others as beneficiaries or remainder agents, and want to be assured of the trust withstanding mortar attacks (e.g., by the public, the courts, the IRS, a plaintiff's attorney, you p.o.'ed ex-brother-in-law, etc), then it is best to carefully model the trust after a true Illinois [type] land trust (i.e., authorized third party corporate trustee who customarily holds title to real estate for others and who charges a reasonable fee; no paid property management or collections; no merger of title; no semblance of a corporation, partnership, joint venture, association, amalgamation, equitable mortgage,  business trust, lease option or home purchase.

But do note that recoding a deed in New York is, in general, a pain in the...aspirin tablet.  And yes, you will have to record a Certification of Trust and various other ancillary transfer documents that are stupid and not required in other states.  Visit the recorder's office first and get the ancillary documents you will need, then put your trust and deed together.

Bill Gatten  
Report to moderator   Logged
Pages: [1]
Print 
Real Estate Investing Forums | Real Estate Investing | Asset Protection, Legal and Contract Issues, Income Taxes, 1031 Exchanges (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo) | Topic: CREATING A LAND TRUST?? « previous next »
Jump to:  



Login with username, password and session length

Powered by SMF 1.1.8 | SMF © 2006-2014, Simple Machines LLC

Anti-Spam Policy | Compensation Disclosure | DMCA Notice | Earnings Disclaimer | External Links Policy | Privacy Policy | Terms And Conditions | View Cart
2002-2014 All Rights Reserved. REIClub.com