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Updated about 5 years ago,
Taking title to property from Seller directly into a Living Trust
This is a Subject-To property.
I understand taking title to a property from the Seller to myself or my LLC. Thats pretty easy.
What I need help figuring out is...How do you take title from the Seller and place the property directly into a Living Trust without taking title in my own name or my LLC first? In other words...(As the buyer of the property) How do I place a property that I don't own into a trust as if I were the grantor? It seems to me that the Seller is the real grantor and has to be the one to create the trust (which means the Seller would be able to change the trustee and beneficiaries whenever they feel like it). I know that deeding the property over to the trust is simple, but the grantor of the trust has to be the Seller, which gives them too much power over the trust.
Does getting the Seller to sign a Power of Attorney over the property (giving me the power over the property) help to take away the Seller's power over the trust?
Or is the correct way to do it...Take the title of the property from the Seller to my LLC first, then immediately create the trust (because now as the true owner, I can actually be the grantor)? Then deed the property from my LLC into the trust?
Any feedback will be greatly appreciated.