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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Title holding trust questions Posted by Ward-CA- on August 28, 2001 at 3:56 PM In Reply to: Land Trust posted by Gary C. on August 27, 2001 at 11:20 PM : I put a property yesterday under contract subject-to the underlying loan. The owner is not in default but needs to move fast. I will have the owner place the property in a land trust naming my choice of trustee. Here are my questions: : 1) Which of the following do I put as trustee? a) Gary C, b) Gary C of 'Mycorp, Inc.', c) 'Mycorp, Inc.', or d) other ...why? : 2) Of the choices above (a,b,c or d), who do have the sellers reassign beneficial interest to?...why? : The profits are going to my California corporation (aka 'Mycorp,Inc.'). My initial guess at the answers are 1) b and 2) b. : Any other thoughts. : Thanks, : Gary C =•=•=•=•=•=•=•=•=•=•=•=•= Gary, it’s axiomatic that you wouldn’t ever want to be the trustee because that’s the one party to a title holding trust that’s exposed to public view. So given the choices you posit in #’s 1 & 2 here are my choices: In # 1 — MyCorp, Inc. In #2 — Gary I don’t understand what you mean by having “the seller’s reassign beneficial interest to” since the sellers will nominate you as their trustee right from the get go and have no need later on to “reassign” the trusteeship to you. Hope this helps. Follow Ups: Title holding trust questions - long followup question Gary C. 11:21 AM, 09/02/01 (2) Re: More title holding trust Q/A Ward-CA- 7:59 PM, 09/02/01 (1) Re: More title holding trust Q/A Gary C. 11:01 PM, 09/04/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I put a property yesterday under contract subject-to the underlying loan. The owner is not in default but needs to move fast. I will have the owner place the property in a land trust naming my choice of trustee. Here are my questions: : : 1) Which of the following do I put as trustee? a) Gary C, b) Gary C of 'Mycorp, Inc.', c) 'Mycorp, Inc.', or d) other ...why? : : 2) Of the choices above (a,b,c or d), who do have the sellers reassign beneficial interest to?...why? : : The profits are going to my California corporation (aka 'Mycorp,Inc.'). My initial guess at the answers are 1) b and 2) b. : : Any other thoughts. : : Thanks, : : Gary C : =•=•=•=•=•=•=•=•=•=•=•=•= : Gary, it’s axiomatic that you wouldn’t ever want to be the trustee because that’s the one party to a title holding trust that’s exposed to public view. So given the choices you posit in #’s 1 & 2 here are my choices: : In # 1 — MyCorp, Inc. : In #2 — Gary I don’t understand what you mean by having “the seller’s reassign beneficial interest to” since the sellers will nominate you as their trustee right from the get go and have no need later on to “reassign” the trusteeship to you. : : Hope this helps. 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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