Hi Randy,
I hope you are doing well.
I’m sorry I couldn’t attend the last LTU conference call; I was looking at properties and am now in contract with one of them.
I’m reaching out because I need help understanding Step 12 of The Step-By-Step Process of Forming a Land Trust document.
That section mentions, “All you need to do now is date your Trust Agreement (be sure it is dated prior to the date on the Deed of Trust).”
I understand that the Deed of Trust is the same as the mortgage. If my other properties already have mortgages, how can I date the Land Trust before the Deed of Trust?
I ask because I have a few other properties I would like to transfer into Land Trusts.
Hi Sirduke,
You asked, “If my other properties already have mortgages, how can I date the Land Trust before the Deed of Trust?” The fact that you have mortgages on your “other properties” has nothing to do with this issue. The mortgages are not affected by you transferring the title into your land trust. The mortgages will remain secured against the properties regardless of whether you put the title in a Trust or not. So, date your Land Trust Agreements PRIOR to recording the Title change from you to your Trust/Trustee. Make sense? If not, please post again.
Mr LT
The statement “So, date your Land Trust Agreements PRIOR to recording the Title change from you to your Trust/Trustee.” basically means I’m dating my Trust Agreement the date it’s created (e.g., Land Trust Agreement created Jan. 1). Then I go to record the Title change at Recorder’s office Jan. 2?