Land Trusts and Real Estate Investing
Bad Rap on Land Trusts
Land trusts have existed since the Roman times with their clearest history being from the time of King Henry VIII. During that time people used land trusts to hide their ownership of land so they could avoid having to serve in the military or be burdened with ownership responsibility.
The land trust has a history of being a tool for some investors to use to their advantage with their own unethical ways of doing business. The bad rap about land trusts is currently the number of investors who use them for their own "special" way of doing a short sale.
Real Estate Investors and Land Trusts
There are many advantages to using land trusts; they are an excellent way to hold property. When structured correctly, a land trust can help the investor with any seasoning issue that may arise with purchasing a house from a private owner. Unfortunately, this doesn't work when purchasing bank-owned homes.
Some of the advantages of a land trust are:
- Sales price of the property can be kept off the public records
- Judgments or liens against an individual are not a lien against property in the land trust
- Partners can easily continue a project if one dies or is divorced
- Interest can be transferred quickly without recording a deed, because beneficial interest is considered to be personal property; not real property.
- Negotiating a purchase or sale is easier when the trustee can be blamed
- Liability on financing can be limited to the assets of the trust
A land trust must be structured properly in order to be of benefit to the investor, for example, seasoning issues that have hindered many deals are not a problem. There are perfectly legal techniques for structuring a land trust to work to the real estate investor's advantage.
Real estate investors who will be working with land trusts should consult a well-qualified real estate attorney about the land trusts laws in their state. Keep in mind that not all attorneys understand the workings of a land trust.
Jodi Funke is a transactional lender with Cash for Short Sales.com, a company who specializes in one-day funding for the short sale. Their nationwide team of professionals, attorneys and title companies can close back-to-back transactions in every state across the nation. Seasoning issues are no problem; learn more at http://www.cashforshortsales.com
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