Can someone please give me a basic land trust document? I have some docs I can share as far as CYA docs go, and also some good info regarding short sales and title companies. I don’t actually have the land trust docs. (The trust itself or the assignment of interest in trust) Can anyone help me out, or make a trade with me for some other good docs I have? PM me or email me please!
Now, the questions…
I have never used a land trust. I get the basics of it. Seller transfers to 123 Main St trust, with seller as benficiary, and Mr. A as Trustee. I have an assignment of beneficial interest signed from seller and Mr. A as trustee to ABC Corporation. ABC Corporation sells to end buyer where Mr. A signs as Trustee and title company cuts check to ABC Corporation for proceeds. Got that basically right?
Here’s my confusion. If doing a simo closing… i.e. using funds from the end sale to pay off the shorting lender (I know I know, more and more difficult these days, but actually, this question would pertain to a double closing as well, even if I was bringing liquid funds to the table) When using a land trust who is the buyer in the first transaction. i.e. to the shorting lender, who is the buyer? The trust? But I’ve already transferred it to the trust, right? I mean, all the stuff I’ve heard is that you actually RECORD the deed to the trust. I’ve gotten deeds from sellers, to my company, and used that to show my interest to the new funding lender, we just didn’t record them. Also, why would a shorting lender allow the sale to a trust in the beneficial interest of the seller that is being foreclosed. What am I missing here?
HELP!!!