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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Land Trust Agreement and Transfer Tax in LA County Posted by WPCOwner on August 21, 2006 at 8:40 AM Here is a hypothetical situation but a one that I will probably encounter: Buyer asks Seller to enter a trust. At closing, Seller will be the beneficiary and my LLC will be the Trustee. A trust is notarized. Seller then immediately signs a quitclaim deed over to the trust (also notarized). A preliminary change of ownership is attached to the quitclaim deed stating that the LLC (Trustee) in the trust is now the owner/beneficiary. The trust and the quitclaim are then recorded in the County clerk. Is this the order in how a trust is created and recorded? Also, will transfer and supplemental taxes still be incurred? If so, is there another way to legally avoid them when purchasing a home? Thanks in advance! Follow Ups: Not really... Ward-CA- 9:43 AM, 08/21/06 (2) Re: Not really... WPCOwner 11:26 AM, 08/21/06 (1) Getting there.. Ward-CA- 12:34 AM, 08/21/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Here is a hypothetical situation but a one that I will probably encounter: : Buyer asks Seller to enter a trust. : At closing, Seller will be the beneficiary and my LLC will be the Trustee. A trust is notarized. Seller then immediately signs a quitclaim deed over to the trust (also notarized). A preliminary change of ownership is attached to the quitclaim deed stating that the LLC (Trustee) in the trust is now the owner/beneficiary. The trust and the quitclaim are then recorded in the County clerk. : Is this the order in how a trust is created and recorded? Also, will transfer and supplemental taxes still be incurred? If so, is there another way to legally avoid them when purchasing a home? : Thanks in advance! Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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