Land Trust Archives

QUESTION:
Not having any experience with land trust, here are a few of my questions.

1)  Does a typical real estate contract need to be executed to initially lock in the terms of your deal….for instance, selling price, terms of the note (owner finance), etc, etc,?

 
let’s dumb it down,.. when you make an offer to purchase, your buyer will be the name of your trust
 


2)  The trustee is the only thing that is public…..does this mean that everything else is private…like the terms of the deal, the note, receipts for payments, etc.?
 
Your deed is on public record and will show:
 – Name of Your Trust
 – Name of Your Trustee
 – mailing address for your property tax bill

3)  When a down payment is put down on the property, is that reflected as a percentage of beneficial interest in the trust?  For example, if the buyer puts 10% down, then you would own 10% of the beneficial interest in the trust and the seller would own 90% of the beneficial interest?  If that is so, then as the note is paid down, how is that reflected in the trust?

 
– hurts my head –  first of all most lenders will not lend to a trust.

4)  What happens when the note is finally paid off?  Buyer/Seller?

  – competent lenders will mail you the original promissory note marked paid in full and will complete a satisfaction of mortgage to record if there was a lien on your property. it is no different than a regular loan.

5)  Typically, is a new trustee appointed once the promissory note is paid off?

nope, you can change trustees anytime.

As you can tell, the structure of a real estate deal from start to finish are my main questions!

it is the same as any other real estate deal except your buyer and owner of record is the name of your trust

Thanks for your time.  As I get to know Mike’s product better I will definitely be using the strategy in my investing future.

Mike

 

hope this helps you Mike,

 

in the real world, do not worry about creating your trust until after you have an accepted offer; otherwise you will go nuts… keep in mind, so called experts will tell you that you must have your trust agreement in place before you make an offer… and they are correct…. but in the real world as an investor, you will experience many of your offers are not accepted… this is why i recommend to do your trust AFTER you have a contract.

 

keep in mind, writing a contract is not proper and many realtors use this language.

 

this might help you

 

STEP 1:  using a purchase and sale agreement form, you will write up an “Offer to Purchase”

STEP 2:  your seller will review and if they like, they will accept your “offer to purchase” and will sign and date.

STEP 3: At that point in time, your offer becomes a “Contract.”

Mike, you can get more information at http://TrusteeServicesUSA.com and http://5mLandTrusts.com

 

 

what do you think?

 

Mike Butler

 

 

UPDATE: TrusteeServicesUSA.com can be your Trustee. 

 

here is a preview on how to select your trustee on a ROTH IRA deal vs. normal deal using the 5M Land Trust

GOLD MEMBERS can access the full video

Click Here for Full Video/Article (Members Only)

 

Mike Butler (under the weather during training session) stumbles into a Killer Real Estate Deal during this Power Lunch Session.

While reviewing 2 killer deals from Teresa, Mike turbo-charged the profit potential on these two deals expected to close within the next 2 weeks.

This 30 minute video shows how a routine killer deal can transform into the Killer Deal of the Decade with one extra step.

Check it out right here!

Click Here for Full Video/Article (Members Only)

I Could Not Believe It.

Is This Really True?

It Is In The Planning Stages Now

The Federal Transaction Tax!

President Obama’s finance team and Nancy Pelosi are recommending a 1% transaction tax on all financial transactions.

It is true.

The bill is HR-4646 introduced by US Rep Peter deFazio D-Oregon and US Senator Tom Harkin D-Iowa.

Their plan is to sneak it in after the November election to keep it under the radar.
See what Nancy has to say about this wonderful idea!  http://tinyurl.com/24dn5ud

It’s only 1%! This is a 1% tax on all transactions to or from any financial institution i.e. Banks, Credit Unions, Mutual funds, Brokers, etc.

Any deposit you make will have a 1% tax charged.

Any withdrawal you make, 1% tax.

Any transfer within your account, a transfer to or from savings and checking, will have a 1% tax charged.

Any ATM transaction, withdrawal or deposit, 1% tax.

If your pay check or your Social Security is direct deposited, 1% tax.

If you carry a check to your bank to deposit, 1% tax.

If you take cash in to deposit, 1% tax.

If you receive any income from a bond or a dividend from stock, 1% tax.

Any Real Estate Transaction, 1% tax.

This is from the man who promised that if you make under $250,000 per year, you will not see one penny of new tax! Remember, he is completely honest and trustworthy.
Keep your eyes and ears open.

Folks, Nancy says this would be a minimal tax on the people, but 1 percent every time you pay a bill or make a deposit is not minimal. This would no doubt tax investment transactions as well as bank account transactions.

Excerpt from American Debt Relief

Contact Your U.S. Representative AND U.S. Senator Now

Here is the Link for fill-in-the-blank email to Your U.S. Representative

https://writerep.house.gov/writerep/welcome.shtml

 


 

 

Carl Fischer

How To Get Tax Free Income

For The Rest Of Your Life!

and Even After You Die!

Click Here for Full Video/Article (Members Only)

Screening Contractors and 5M Land Trusts 101

On Demand Video Preview

Click Here for Full Video/Article (Members Only)

How You Can Hide Your Equity in Real Estate including Your Home

Click Here for Full Video/Article (Members Only)

What Is A Land Trust, a 5Minute Land Trust?

 

Get More Information and Your Own 5M Land Trust

www.5mLandTrusts.com


Breaking News Alert: President Obama will not sign foreclosure measure, says official 
October 7, 2010 1:38:33 PM
—————————————-

 
Obama won’t sign bill that would affect foreclosure proceedings


Thousands of foreclosures are put on hold
 
During the housing boom, millions of homeowners got easy access to mortgages. Now, some mortgage lenders and state governments have discovered many mortgage documents were mishandled.

By Jia Lynn Yang and Ariana Eunjung Cha
Washington Post Staff Writers 
Thursday, October 7, 2010; 4:48 PM


Amid growing furor over the legitimacy of foreclosure proceedings, White House officials said Thursday that President Obama will not sign a bill passed by Congress without public debate after critics said the legislation could loosen standards for foreclosure documents.

The bill, named the Interstate Recognition of Notarizations Act, would require courts to accept document notarizations made out of state. Its sponsors intended to promote interstate commerce. But homeowner advocates warn the bill could allow lenders to cut even more corners as they seek to evict homeowners.

White House press secretary Robert Gibbs said the president did not believe Congress meant to undermine consumer protections regarding foreclosure challenges. Still, Obama will use a "pocket veto" on the bill, which will effectively kill it.

Democratic leaders on the Hill were scrambling to figure out how the legislation managed to sail through the House and Senate without any objection.
 
The episode may prove embarrassing for Democrats, who in recent weeks have been calling for federal investigations into flawed paperwork, forged documents and other misconduct in foreclosure proceedings initiated by big lenders.

The House passed the bill in April by a voice vote, meaning there’s no record of who voted for or against the legislation. The Senate passed the bill on Sept. 27, just before recess, without any debate.

Even the bill’s main sponsor, Rep. Robert Aderholt (R-Ala.), was surprised by how quickly the legislation was greenlighted, according to D.J. Jordan, a representative for Aderholt.

Congressional staffers said lawmakers will revisit the bill to add protections for consumers.

Jordan said Aderholt had been working on the issue since April 2005, soon after hearing complaints from a court stenographer in his district that courts in other states were having trouble using documents notarized in Alabama.

"The authors of this bill no doubt had the best of intentions in mind when trying to remove impediments to interstate commerce," said Dan Pfeiffer, White House communications director. "We will work with them and other leaders in Congress to explore the best ways to achieve this goal going forward."

This would be Obama’s second pocket veto. Last December, he killed a short-term resolution that turned out to be unnecessary for extending defense funding.

Obama’s veto comes as the uproar over document processing from lawmakers, law enforcement and union officials and other stakeholders intensified on Thursday, turning the foreclosure mess into a political issue.

National civil rights groups, including the NAACP, National Council of La Raza and the Center for Responsible Lending, joined labor unions Thursday in calling for an immediate national moratorium on foreclosures.

"If we don’t take drastic measures now, we can expect millions of additional foreclosures in the coming years, with a disproportionate number of them involving Latino and African American families," Wade Henderson, president of the Leadership Conference on Civil Rights, said in a statement.

Sen. Sheldon Whitehouse (D-R.I.) also called for a national foreclosure moratorium on Thursday, while Michigan Democratic gubernatorial candidate Virg Bernero stunned an audience in Detroit with a forceful challenge to banks to halt home foreclosures in Michigan. Bernero vowed to withdraw $1 billion in state money from J.P Morgan and Chase banks because they have refused to ease up on foreclosures – an idea that is likely please the United Autoworkers of America, which has also been critical of J.P. Morgan Chase.

As many as 40 state attorneys general are joining together to coordinate investigations into the foreclosure paperwork problem.

Patrick Madigan, the Iowa assistant attorney general who is the chairman of the group, said in an interview that they have begun to call lenders to try to ascertain the scope of the problem. He said companies that have known issues with affidavits should broaden their foreclosure moratoriums beyond the 23 states that require a court to foreclose.

"We intend to fully investigate and get to the bottom of this and find out how many companies have this issue, and for those that do to remedy the situation," Madigan said.

Also on Thursday, Iowa Attorney General Tom Miller called on three large mortgage lenders to freeze foreclosures in the state and said Iowa will take the lead in coordinating with other states investigating allegations of mishandled foreclosures.

He urged other firms with "with anything less than absolute confidence in its internal foreclosure review procedures" to also stop foreclosures.

"There appears to be an emerging pattern of careless and perhaps cavalier attitudes by a growing number of lenders when it came to the seriousness of the foreclosure process," Miller said.

The nation’s banks are also being pressured by investors.

Chris Katopis, executive director of the Washington-based Association of Mortgage Investors, said securities trustees should "audit and review the resulting losses to hold servicers accountable for negligence in maintaining the assets of trusts."

"We are afraid that people’s pensions and retirement savings are being impacted," Katopis said in an interview Thursday. "Investors are deeply concerned about possible documentation inconsistencies related to mortgages. It is vital that trustees promptly address these matters."

Staff writer Scott Wilson contributed to this report.
 
Read The Entire Article

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/07/AR2010100704254.html?hpid=topnews

 
Amid growing furor over the legitimacy of foreclosure proceedings, a White House official said President Obama will not sign a two-page bill passed by lawmakers without public debate after details emerged that the legislation could loosen standards for foreclosure documents.
http://link.email.washingtonpost.com/r/5O5UA2/WLT7JI/8AWG7O/0KHCE9/Z41ZI/4O/h
For more information, visit washingtonpost.com

 Page 1 of 2  1  2 »