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Updated almost 6 years ago,

User Stats

2
Posts
0
Votes
Michael Lines
  • Flipper/Rehabber
  • Jeffersonville, IN
0
Votes |
2
Posts

Lost Change of Beneficial Interest in Trust Documents

Michael Lines
  • Flipper/Rehabber
  • Jeffersonville, IN
Posted

I made my first real estate investment back in 2006. I had a little help back then but here is how I remember the transaction. Owner placed property in land trust, we immediately executed a Change in Beneficial Interest for granting me 90% and him 10% (trying to avoid the DOS clause). We drew up and filed away another Change of Beneficial interest for that gave me 100% interest that was intended to use down the road when I sold or refinanced the property. We recorded the Quit Claim so that the property was now deeded to the Trust. Third party is the trustee. The seller is a friend of mine who just didn't want to deal with the property any more. My plan was to refi within 2 years. 13 years later, he let me just keep the existing mortgage in place, and I am now looking to sell the house. Here is where the question comes in. During my recent move, we misplaced the closing paperwork that included the Change of Beneficial interest form that gave me the 90% interest in the house, as well as the second COBI for 100%. The title company that helped me with the closing is closed, so no chance in finding copies there. He has also lost the paperwork during a move across country, so he doesn't have his copies available.

Question 1:  Can we just draw up another and date it for back in 2006?

Question 2:  If we both are in agreement, could we just draw up a new sale of beneficial interest document with me as 100% beneficial interest and back date it, so I'm ready to sell?  

Question 3:  Original trustee was an ex-girlfriend.  I need to change that as well.

Any one know the best way to tackle this?  From a tax perspective, I've always reported as if I had 100% interest and he hasn't reported anything b/c we always intended for me to have 100%.   I just want to get the paperwork in order to not cause any legal, title, or tax issues at closing.

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