Can someone explain how to set up a Land Trust in Arkansas?

Question

Hello BP,

I am trying to set up a Land Trust in Arkansas. I cannot find the Trust Agreement and Deed in Trust forms. I was wondering if someone could send me these documents.

Also:- Is there another form needed if the Trustee wants to resign and let the successor Trustee take over? - Does a W-9 need to be filed when transferring title to a Land Trust?

Thanks,Aaron

Account Closed · Answer

Thanks a lot, Allison!

Account Closed · Answer

I can ask that question. I am working with an attorney at a title company to get this set up, but he has never done a land trust before. He asked me to find the forms, and he would help me fill them out. It's a bit of an awkward situation.

I am selling the beneficial interest in the property on an installment plan (owner financing). The two reasons I am trying to set up the land trust is (a) privacy and (b) the beneficial interest I would be selling is considered personal property, not real property. Thus, I would be able to evict and "repossess," rather than going through foreclosure.

You said the title insurance part may or may not be important to me in this situation. Can you explain when it would or wouldn't be?

NaDean Bowles · Answer

I recommend buying Randy Hughes' materials.

Jacob White · Answer

Allison's advice sounds spot on.  If you cannot find any forms on the web, I'd suggest reaching out to a real estate attorney that has experience with land trusts.

Allison Lane · Answer

You will need a title company that closes with Chicago title underwriters to get it done in AR and most of us use forms that are copyrighted from the person whose course we took so they cannot be shared. Check out Larry Harbolt for the forms. He is the least expensive and will give you more information than most of the others.

Thomas Chapin · Answer

Aaron, another question you may want to consider before setting this up… Do you have a title company that will provide insurance once the home is to come out of a trust? That answer may not be important to you or this situation, but it has resulted in some investors in this state to choose other options.