Updated about 7 years ago on . Most recent reply
Land Trust Questions
Hello Pennsylvania Investors,
My question today is regarding the use of land trusts in Pennsylvania to hold title to residential real estate. Is it better practice to first deed the property into your personal name and then transfer the property to a land trust or is it preferable to never take title in your own name and simply deed the property into trust directly from the seller? Also, does Pennsylvania assess a transfer tax on real property that is transferred out of an individual's own name and into the name of a land trust? If transfer tax is paid upon purchase it would seem punitive to have to pay it again when transferring your purchase into a land trust.
Many Thanks!
Steve