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Can I be the creator of a land trust and have the seller of the property I am purchasing it from deed it into the land trust i created.
The reason i ask is i recently purchase a property for cash and I created the land trust and had the seller deed the property into the land trust at closing. the sellers name does not appear anywhere in the declaration of trust, of course my corporation is the beneficiary.
Somebody recently suggested to me that the owner of the property has to be the creator of the land trust.
Is this true? Do I have a valid trust?
Help I am starting to get worried.
Mark
No worries Mark,
You can be the creator and deed directly in to a trust you created.
When doing a subject to deal, many have the seller deed in to a trust then assign the beneficial interst. There’s no need for the smoke and mirror act
Jackie
Now I can sleep tonight. You must be logged in to reply to this topic.