Updated over 1 year ago on .
Florida Land Trust
Quick question BP Community!
This is for my Floridians only: I purchased a property with a partner. Partner ended up holding the note, and is on title. Technically on paper I do not own this property, however we are putting the property into a land trust that we will both own together 50/50.
In speaking with a couple attorneys, I am getting mixed answers. Some are saying that by adding me to the trust, we will have to pay the transfer tax (for my portion only) because I am not on title. And another attorney is saying that we do not have to pay the transfer tax at all using the land trust strategy.
Would anyone here have some insight?