All Forum Posts by: Shannon Wright

@Roberto Cervantes Cali is the only "escrow" state in the country, so you will probably need to find a title company that can accommodate a land trust closing.

I can email you a blank one I have...it will need editing, of course. 

It is super clean, super basic and super easy to close this way and I am the only one closing this way in Cali because no one understands Land Trusts here...I also work with just about the only title company that will close on Land trusts too. I think it probably seems too good to be true. 

We are closing short sales under this same concept, which I came up with a few years ago. :)

@Account Closed basically, yes. I am in Cali, so things are slightly different here. The trust and amendments are not "filed" here as trusts are private documents, so not sure if you need to file anything?

Closing costs are all paid by the funds deposited, which will be deposited by the bene, for the benefit of the buyer which is the trust as an entity.

You will replace the beneficiary (your buddy) as the Trustee and your fee for being the Trustee is the money you make. :)

Find a way to watch probate publications...newspapers and such. Call First Corporate Solutions and see if they have any ideas.

No, if you are the Trustee it would be presented as just a vesting change and you're "closing in your trust" instead. That is not an assignment because you will still be a principal, you are just becoming a Trustee not a individual.

@Account Closed What is unclear? Let me know so I can elaborate. 

You can be the trustee of the Land Trust and your buddy is the beneficiary. You sign everything as the Trustee but the bene (your buddy) funds the deal. After closing, a trust amendment is be done to make the bene be the trustee.

Use a Land Trust...you can be the trustee and your buddy is the beneficiary. Looks like you are doing it all but the bene funds the deal. After closing, a trust amendment can be done to make the bene be the trustee. This is how I close most of my investor escrows now.

It depends on the lien position of the foreclosed lender. If they were the 1st lienholder, then all other loans after them are gone. If they were in 3rd position, then the 1st & 2nd would still be due. HOA, code violations, etc all still attach usually, also.

I don't have a contract to share, I was offering to review and make sure it's got all the nuts and bolts needed for escrow. :)