[WSBARP] "Land Trust"?
Bryce Dille
BryceD at cdb-law.com
Wed Jul 30 08:31:16 PDT 2014
That is exactly the same experience I have had and in fact in the last
several weeks I have had 3 individuals contact me about this and I gave
the same advice as Craig.
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From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Craig Blackmon
Sent: Wednesday, July 30, 2014 8:26 AM
To: wsbarp at lists.wsbarppt.com
Subject: RE: [WSBARP] "Land Trust"?
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
Holmquist <http://lawhg.net/> & 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
Every transaction has risk. A lawyer reduces it
<http://quillrealty.com/category/lawyers-reduce-risk/> .
From: <mailto:wsbarp-owner at lists.wsbarppt.com>
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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