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Vidit S.
  • Rental Property Investor
  • New York
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Transfer tax if I do it to a land trust with self as beneficiary

Vidit S.
  • Rental Property Investor
  • New York
Posted Jan 31 2019, 07:24

Hi,

   I have done extensive research on this but still not able to have clarity on this so hoping the PA forum might be able to help. Me and two other friends are getting a loan to buy a rental property that we intend to transfer to a land trust with one of us as a beneficiary at some point in future. We will still stay on the loan. 

So far I understand that if the property is transferred to one of us as a beneficiary in the land/grantor trust then PA still charges a transfer tax.

So 

1) Is that true that there will still be a transfer tax even if transferring property to myself as a beneficiary in a land trust or I got wrong info?

2) If it is then is there a way around it like getting the property directly in a land trust if the lender agrees? Do the lenders agree?

3) Is there any other way that I should look further into?

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