Could anyone tell me how to put a rental property into a land trust?
Surprised no one answered your question yet. I am actually interested in doing the same thing. I am talking to my real estate attorney to see what is involved since there is very little information online on the specifics on how to do this. Apparently all states besides Pennsylvania allow you to easily put properties in land trusts (just in case you have properties in PA).
Ok, please let me know how that goes? I am drawing blanks. Unless I buy a course for $700.00 to show me how to do it...
this is a link to the file on BP here. Not a lawyer so no legal advice, but you should draw up the land trust and deed the property to the trust. I have done this via a quit claim deed, though you may want to use a special warranty deed.
I'm an attorney in New York and Texas, so I can't give you legal advice on this topic to your situation. But, state statutes likely govern the creation of a trust instrument. Having a properly structured trust document provides anonymity as well as asset protection. I recently wrote a blog post describing these issues in depth.
As an attorney that works in this field, I often will help out investors on the cheap with these kinds of issues because it helps me build a relationship and it takes very little time to change around my form as long as no custom language is needed.
@Scott Smith Hi Scott, just curious, are you personally able draw up a land trust outside your states of NY and TX? I live in Georgia and intersted in deeding my property to a trust. I close on a property this Tuesday. What's the typical cost of this process? Does it vary on purchase price? In my case, the home is 53K
Be careful with the land trust it does not give you 100% asset protection like the Guru's say it will. If you decide to do a land trust get a good insurance policy to back it up you will need it if you get sued.
@Derrick Lu let's talk offline. You can reach me by phone or email at your convenience.
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