After studying the Basic Course, I approached my settlement attorney about submitting a Deed In for my privately owned rental. He said that in Maryland, the trust would qualify as a Real estate Investment Trust and be subject to a 2.5% recording fee. Is a land Trust Really a REIT?
Here is the state statute:
MD 8-101(c) Real estate investment trust. — “Real estate investment trust” means an unincorporated business trust or association formed under this title in which property is acquired, held, managed, administered, controlled, invested, or disposed of for the benefit and profit of any person who may become a shareholder.
Jim, no, a land trust is NOT a REIT….have him consult IRS.gov for confirmation that these trusts are Grantor Revocable Trusts and do not fall under the category of REIT’s
Mr. Land Trust