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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] The "next question".. Posted by Ward-CA- on September 23, 2003 at 9:21 PM In Reply to: Re: Trust tuning.. posted by will on September 23, 2003 at 8:35 PM : Ward, : Read another post regarding my first question, and you answered it. Thank you. : Can you shed some light on my next question? : When you take the property Subject-To using a Land Trust, can the seller take out a loan or declare bankrupcy, or place any other liens or judgments after the seller assigned the beneficiary interest of the Trust to you? : I assume they can't because they are not the legal owner, but can a 3rd party mistakenly put a lien or judgment or anything else that can cloud the title by accident since the only thing that is recorded is Grant Deed into the Trust(for estate planning purpose)? : Thank you, : Will -=-=-=-=-=-=-=-=-= : : : You're missing the step where the seller deeds the trusteeship of his trust to your designated successor trustee. Thereafter the public record shows the successor trustee in control. The seller is not recognized as having any connection with the Trust from then on. (I think this part of my previous post answered your “next question”.) Hope this clears things a little. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : Read another post regarding my first question, and you answered it. Thank you. : : Can you shed some light on my next question? : : When you take the property Subject-To using a Land Trust, can the seller take out a loan or declare bankrupcy, or place any other liens or judgments after the seller assigned the beneficiary interest of the Trust to you? : : I assume they can't because they are not the legal owner, but can a 3rd party mistakenly put a lien or judgment or anything else that can cloud the title by accident since the only thing that is recorded is Grant Deed into the Trust(for estate planning purpose)? : : Thank you, : : Will : -=-=-=-=-=-=-=-=-= : : : : You're missing the step where the seller deeds the trusteeship of his trust to your designated successor trustee. Thereafter the public record shows the successor trustee in control. The seller is not recognized as having any connection with the Trust from then on. : (I think this part of my previous post answered your “next question”.) : Hope this clears things a little. 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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