Sorry this is an incorrect statement. However, having the trustee and the bene be the same person (or entity) defeats on eof the many advantages of a land trsut which is privacy of ownership by having trustee hold title (and thus be listed in the public record).
As for selling, it simple. Just show the title company a notorized Certification of Trust (or similar document). Done it many times
A Land Trust also called an illinois land trust. This device vests title to real property “in the name of a trustee under a recorded deed of trust while a second unrecorded agreement between the trustee and the beneficiaries declares the trustee to be vested with full legal and equitable title subject to certain specified rights of the beneficiaries which are declared to be personal property of the beneficiaries.” 351 So. 2d 1094, 1095.
More information at www.answers.com/topic/land-trust#after_ad1 .
I don’t see how you think a person can enter into a contract with him/herself.
Just imagine you walking down the street holding a conversation with yourself. You will get mocked.
Just like they will do in court.
Not an attorney, check around and see. Most attorneys wont close a deal like that.
The trustee and the bene can be the same person and is frequently done with living trusts. You are not entering into a contract with yourself; the trustee, the grantor and the beneies each have unique roles and responbilties as defined by the trust. Most land trust are structured such that the beneficeries retain power of direction and thus for the most part, the trustee is holding legal title and conducting affairs (such as selling the assets in the trust) at the direction of the bene.
I’m well aware of land trust and their mechanisms as I have been working closely with an atty who has been using them from over 25 years and closed >500 transaction using land trust.
As a trustee you are in contract with the beneficiary for the simple fact, the beneficiary is directing the trustee. All must sign needed paperwork. If there are any other beneficiaries, then the land trust will have a conflict of interest.
It is hard to justify if a trustee/beneficiary is doing what is right by the beneficiaries or your own welfare.
I would like for you to show some court cases that challenged the validity of a trust setup the way you are referring.
What are the tax implications of a short sale & 1099 , for some one who is on a fixed income with SSI & Disability… ?
Is there a way around this maybe ? by putting in offer that this is for full mtg satisfaction or something…
how would this affect someone with a regular job who dont have money to pay mtg and is in default…?
What is the risks for these two specific ss senarios…? with 1099