[WSBARP] "Land Trust"?

Wed Jul 30 08:26:05 PDT 2014

The “land trust” is apparently an integral part of the “How to Get Rich in
Real Estate!!” sales program.  I hear about it all the time from newbie
investors fresh from their “Two Day Seminar!” as they plan on assembling
their very own Real Estate Empire.  Although I haven’t looked into it
lately, it is my understanding there is no such thing as a “land trust”
aka an “Illinois Land Trust” here in WA.  If it doesn’t exist and isn’t
recognized here, what’s left to talk about?

Or maybe the client is talking about land in Cook County…  J

Craig

Craig Blackmon

Attorney at Law

 <http://lawhg.net/> Holmquist & Gardiner, PLLC

1000 2nd Ave, Ste 1770 Seattle, WA  98104

Main: (206) 438-9083   Direct:  (206) 438-9295   

Cell: (206) 369-5949   Fax: (206) 694-4601

Founder and Designated Broker,
<http://quillrealty.com/quill-realtys-mission-statement/> Quill Realty

 <http://quillrealty.com/category/lawyers-reduce-risk/> Every transaction
has risk. A lawyer reduces it.

From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of James Spencer
Sent: Wednesday, July 30, 2014 8:10 AM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] "Land Trust"?

Greetings Listmates:

I have a client that has “educated” himself on the Interwebs about land
trusts. He is convinced that a land trust is the way to hold his
investment properties, because this guy on the web
<http://www.legalwiz.com/landtrusts/>  says that doing so will make them
judgment proof, the mortgages assumable (without the bank’s consent), etc.

I’m trying to advise the client into an LLC for each investment, and if he
seeks privacy, a trust to hold the LLCs. About the only point on which Mr.
LegalWiz.com and I agree is that the transfer to an LLC theoretically can
trigger the mortgage’s due-on-transfer clause, though I have never seen
this happen.

I am open to being told that I am not thinking outside the box, and would
love feedback (pros and cons) from all of y’all about the wisdom of
attempting something like a “land trust” in the State of Washington.

Thanks!

James W. Spencer, Esq.

1700 Seventh Avenue, Suite 2100

Seattle, Washington 98101

tel: (206) 420-4567 | fax: (206) 257-3076 | www.spectra-law.com

Business & Estate Planning | LGBT Law | Probate & Trust

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