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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Try a Joint Venture Posted by art on August 06, 2003 at 7:11 AM In Reply to: Try a Joint Venture posted by Ward-CA- on August 06, 2003 at 7:03 AM : : I'm in contract to buy a preforeclosure and I need to provide the title company w/ an entity to take title - like today!!. Wasn't prepared to act this quickly- any ideas on what to do? How quickly can I form a title holding trust or LLC? Or what about a partnership to avoid the Cal withholding tax? Thanks for your help! : -=-=-=-=-=-=-=-=-=-=- : Art, : You can form a THT (title holding trust) almost instantly. The only real paperwork you need for the title company is to fill out a Certification of Trust form you get from escrow and have your Trustee sign it in front of a notary public. And that's it. : BUT the THT doesn't qualify for an exemption to the 3.3% tax. Only a multi member entity will qualify. How about a Joint Venture (JV)? It's very simple to have several "members" of your JV sign a recordable Joint Venture Statement as proof of its existence. Ask your escrow company what they deem as acceptable. : Hope this helps. Ward, Thank you. I also was wondering if I took title and then later transfered the property to another entity that I might avoid the 3.3% tax. But what about transfer tax on the secondary transfer? Yikes! So many things to consider!! Follow Ups: Buy with a short term trust and resell with ... Ward-CA- 7:29 AM, 08/06/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : I'm in contract to buy a preforeclosure and I need to provide the title company w/ an entity to take title - like today!!. Wasn't prepared to act this quickly- any ideas on what to do? How quickly can I form a title holding trust or LLC? Or what about a partnership to avoid the Cal withholding tax? Thanks for your help! : : -=-=-=-=-=-=-=-=-=-=- : : Art, : : You can form a THT (title holding trust) almost instantly. The only real paperwork you need for the title company is to fill out a Certification of Trust form you get from escrow and have your Trustee sign it in front of a notary public. And that's it. : : BUT the THT doesn't qualify for an exemption to the 3.3% tax. Only a multi member entity will qualify. How about a Joint Venture (JV)? It's very simple to have several "members" of your JV sign a recordable Joint Venture Statement as proof of its existence. Ask your escrow company what they deem as acceptable. : : Hope this helps. : Ward, : Thank you. I also was wondering if I took title and then later transfered the property to another entity that I might avoid the 3.3% tax. But what about transfer tax on the secondary transfer? Yikes! So many things to consider!! 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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