If I am doing a short-sale and want to get the property into a Land Trust and assign beneficial interest and such, can I just get the homeowner to sign a power of attorney and then I sign the warranty deed, assignment of beneficial, and land trust documents myself through that power of attorney? Or is it 100% necessary to get the homeowner to sign all the documents himself when it comes to the deed and such?
If owner of property is trustee of land trust, The owner would sign beneficial interest to you. Deed not in your name.
Yes I understand that part, sorry should have been more clear.
What I mean is, using power of attorney can I put the homeowners property into a land trust and assign the beneficial interest to myself without the homeowners signature (since I do have his power of attorney?).
You should be putting the property into a land trust with the seller as the beneficiary and you as the trustee. As the trustee, you can sign everything. I suggest dropping a few dimes for a good attorney to draft all of your documents and contracts.
I already understand how the land trust works and who to make beneficiary and trustee.
My question is, can I put the property into a land trust if the homeowner has given me power of attorney? Or is it essential to have the homeowner sign the land trust form as well even if I have power of attorney to do so?
I have done 1 land trust on a sub-2. I am not an attorney. The way I understand it is, the homeowner would have to sign the transfer of beneficiary interest over to you. That’s the way I did it.
You have to keep in mind that as trustee, your directives come from the beneficiary. Even though you can sign documents on behalf of the beneficiary, you must seek their authorization and permission first. This is why you want to get the beneficiary interest transfered to you, so you as both the beneficiary directs the trustee…also you, what to do. I hope I’ve helped answer your question.
If I am wrong about something, I welcome correction from others.
I don’t mean to sign it as trustee. I mean to sign it because I have power of attorney from the homeowner