hello I talked to my lawyer about holding title to properties that I take sub 2 in land trusts, and he said that he recomended holding it in escrow instead.I’m very new at this any imput would be greatly appreciated.
Personally, I think you shoud go with land trust. The only reason as to why your attorney would recommend escrow is because he has no knowledge of land trust. Study the land trust from the web and you will make a decision base on what is best for your senario.
thank you very much for your imput.God bless
Another thing is, I’ve read that land trusts don’t really work (the same lawyer told me this) in TN. Do you know if this is true or not
Another thing is, I've read that land trusts don't really work (the same lawyer told me this) in TN. Do you know if this is true or not
It very well may be true. I’m not in TN, so I don’t know the laws, but your best bet would be to check with other lawyers - and also what other holding options your state may have available.
Up here in MA, Land Trusts are not recognized either…Well, let me take that back. They are recognized, but only in regards to such things as conservation land, not to hold/flip investment property. This doesn’t mean that there isn’t an answer, though. In my neck of the woods there is another type of trust privy only to our state that acts just like a land trust does in the states that allow it.
So, moral of the post, ask around, talk to lawyers and EXPERIENCED investors in the area, and you’ll find your answer.
thank you very much marketmaven…
land trusts certainly do work in Texas. I cant speak for anywhere else.