Sorry for all the questions, but there is a lot going on in my REI business so of course I come to the only place I trust to learn how to protect myself & the sellers by using land trusts.
I read the newsletter on Florida land trusts from 5-2018. Which State Should I Create My Land Trust In. Due to making major mistakes of not having my VA land trusts served by a VA Trustee.
However, Im thinking YIKES Florida needs:
- All this extra language such as its personal property and not real property
- I cant imagine an bank Im buying a foreclosure from will want me to add that Im buying personal property and not real property so this language is reflected on the deed.
- FL requires a natural person (im thinking that means if your trustee passes, you must record a new trustee)? You cant keep a person who is deceased on record.
- You must have language that partition is not permitted
- Transfer of beneficial interest is subject to documentary tax (which is really no big deal, as you have mentioned before dont do an exempt transaction with your own property and this may legitimize the transfer of your personal property to be more protected).
- Land Trust must comply with certain statues
- RICO liens against beneficiaries (I dont even know what a RICO lean is, so being a beneficiary on a FL land trust would be more scary to me. I will be sure to google it).
Just so Im sure, is the summary Ive outlined above what I must be aware of when creating a Florida Land Trust?
And all that just so I can be the trustee and the beneficiary?
Thanks again for all your knowledge Randy.
The membership in invaluable simply from the standpoint of being able to reach out to you anytime and get real answers. And get quick & through responses, when needed from Andrew too!