Seller Financing beneficial interest in Florida land trust

[Tony H.]

Hello all!

After an hour or so checking the forums, I was unable to find a clear answer, so I thought it best to just ask.

I'm looking at a multi-family property currently held by a Florida land trust. There is no mortgage, and the owner is willing to seller finance. My questions regard purchasing the beneficial interest in the trust. It is hard to know really what is legal based on what some gurus say.

1. Given that the only property in the trust is this one, would purchasing the beneficial interest in the trust keep the transaction private, thereby avoiding a certain increase in property tax? The property is currently assessed by the county for less than a third of the asking price, so I am anticipating taxes to at least double on a traditional sale. Is this illegal?

2. If the property is listed with a broker, is it still possible to purchase the beneficial interest in the trust? As in, would they still be entitled to a commission on the sale?

3. As an alternative method, would it be an option to have the current trust transfer the property to a newly formed trust with the same beneficiary listed, then complete an assignment of beneficial interest closing on the new trust? For example, if the current trust holds more than this property.

4. If this is all possible, how would I ensure the title is clear if there is not actually a transfer of the title out of the trust? Would I still have a title company involved in the transaction?

5. Somewhat related: If the new trust beneficiary assigned is an LLC owned by me, can it be an out-of-state LLC since the beneficial interest is personal property? Does the LLC need to be registered as a foreign LLC in Florida? For example, could a Wyoming LLC not registered as a foreign LLC in Florida be the beneficiary since it does not actually hold the real property?

I understand these are questions best asked to an attorney. I plan to consult one here shortly, though I wanted to pose these questions to the community to see if anyone has had a similar experience.

Thanks!