All Forum Posts by: Laura Richards

I have no idea why I mentioned it but didn't give you the website. So sorry. 

It's www.kuzza.com

There is a tech start up in Orlando offering an MLS to everyone for Free, 100%. It's the real MLS, not some low grade subscription brokerages put on their sites,. They are expanding to the rest of Florida in 2016. I think Tampa is first.

You should go create an account so that you get an update when its in Jacksonville. 

There will be ZERO equity in the house by the time you pay off that MTG, pay closing costs, insurance etc. Why bother?

The FarBar is free as mentioned by @John Kent. There is no altering to make the contract assignable; it's just a box you check or do not check. 

You can assign a contract with an existing mortgage. The question will be whether the buyer is taking the property "subject to" that mortgage or satisfying it at closing.  That verbiage of the agreement can be handled in the financing section of the Far Bar or in the additional terms section. This is just wholesaling at its most basic level. 

The part where you are getting into "gray territory" and over complicating things is where you are talking about using land contracts to get around a due on sale clause and clouding title. 

A land trust absolutely will not avoid inheritance taxes. Forms 56 and 56A are filed with the IRS when a trust is created with the IRS and a new one would filed when your beneficial interest kicked in. You need a different vehicle for these purposes and only a qualified tax attorney or CPA is going to be able to do it. They can create a vehicle to help you with your tax concerns and place the land trust in it which will help you with your probate concerns. 

This of course ALL depends on how  your state recognizes land trusts. 

If the trustee powers are not enumerated in the deed one must turn to the trust itself for trustee powers. In order to rely upon the provision stating that one need not look any further than the recorded instrument you must have enumerated the powers in the deed in the first place. 

There are two very reputable companies that handle tax deed clean up without the expense and time of a quiet title action. Instead of a Quiet Title action these title insurance underwriters give you a tax title certificate. You can then take that certificate and close with marketable title using any of their agents. One is associated with First American Title Company and one is with Old Republic Title Company - both very reputable underwriters.

I am a Florida attorney and can tell you that there is a time and place to go through with the hassle of Quiet Title, but more often than not these two companies are easier and will get you what you are looking for - marketable title for your end buyer. 

I have referred clients to both, but I have gotten really good feedback from the OR one. 

I think you may be using the wrong tool for the job. You will already have title so you don't need to "quiet" it unless you need to sell it with marketable title soon. An eviction is also not the correct tool because you have no lease or even assumed tenancy based upon performance (month to month payments). Instead you may need an ejectment which is similar to eviction just usually more expensive. You may also be able to use a form of writ similar to that used in foreclosures when the Sheriff serves a notice to vacate. 

In Florida Bank B would have the senior mortgage. The senior mortgage could foreclose, name Bank A and wipe out that junior mortgage. If Bank A forecloses they can name Bank B, but a junior mortgage can not wipe out a senior mortgage. Rather, they would be taking "subject to" the Bank B mortgage since B is the senior mortgage. 

The most important fact for the Bank in this scenario is that both likely got a lenders policy insuring their senior position so Bank A has a title claim. 

Mark Warda's book is really good. Great advice. It will give you all the basic information you need. Major rule to remember: A trust is just a piece of paper and a piece of paper can not hold title and can not enter into contracts (turn on utilities). You must have  a Trustee to act on behalf of that piece of paper. On the same note, you do not want to put anything in the sole name of the trustee. The trustee alone does not own the property. The trustee owns the property on behalf of the trust. 

Question 1. Yes, everything, including utilities, will be in the name of the trust. Just remember - not just the trustee and not just the land trust. Contract in the full name, Pant Lintz as Trustee of the 123 Main Street Land Trust. Yes, the entire thing. 

2. The answer to this question is state specific.