All Forum Posts by: N/A N/A

When taking a house throught a Land Trust subject to.

I had a question about taking out a new insurance policy naming the trust/trustee as insured, and trust/trustee/lender as loss payee. So if I created a trust and name it 123 main street/ Joe trustee as trustee /Joe lender as lender.
On the new policy it would read 123 main street/ Joe trustee as insured, and 123 main street/ Joe trustee/Joe lender as loss payee . Is this correct ?

Any out there ?

Any would helpful.

Would this work if Joe Buyer took a property subject 2 in a Land Trust ?

1. Agreement and Declaration of Trust - The seller would be the beneficiary and Joe Buyer would be the Trustee. Right ? Before you answer this please read on.

2. Warranty Deed to Trustee - The seller would be the Grantor and Joe Buyer would be the Trustee. Right ?

3.Then have the seller assigned the Beneficial Interest to Joe Buyer.

Then if the bank wanted to see the Agreement and Declaration of Trust it would show the seller had beneficiary interest in the trust.
What problems do you doing it this way ?

Thanks alot for any help with this.