Based on the Basic Course, I approached a real estate attorney about submitting a Deed In for my rental. He said that in Maryland, the trust would qualify as a Statutory Trust, which must be registered with the state (with an annual filing fee) and the deed in would be subject to to a 2.5% recording fee.
A Statutory Trust can (among other things):
- Acquire by purchase or in any other manner, and take, receive, own, hold, use, employ, improve, and otherwise deal with any interest in real or personal property, wherever located;
If this is indeed the case, would changing the situ of the trust to VA solve the problem?
I would suggest that your attorney seek information from IRS.gov. He will find that these are Grantor Revocable Trusts. These are not like other types of trusts that require registration, a tax return nor a tax ID number. If for some odd reason the State requires “registration” (of which i am not aware of) then I have further suggestions for you to keep your anonymity. As a student of mine, you are free to call me any time to discuss issues like this. My number is 217-355-1281
There are no specific Land Trust Statutes in Maryland. However, Land Trusts will work in Maryland similar to the way they work in Virginia and Illinois (for the most part) when deeds and trust agreements are drafted with Illinois “type” land trust language. Real Property Law § 2-116 requires that the trustee have some express power of management or disposition.
Mr. Land Trust