1.When do you redo the declaration of land trust after you buy a sub-to house. And do you just redo the one page that has the beneficary on it or do you save the old land trust with the quit claim of beneficial interst paper and redo a entirely new one?
A. I do not change trusts. I used my trustee when I set it up, they quit claimed their beneficial interests so I am comfortable that I have control. We have bought and sold many this way and we have never had a problem. If you are disciplined about doing all the paperwork, you will be OK.
2.And if you sell a property in a land trust and they just want to take over the existing land trust but redo the trustee do they have to file a new affidavit at the court house. and it still be a gift of deed?
A. They can fire the trustee, appoint a new one and file a new affidavit.
When do you pay the transfer tax? A. Never is the best answer. We have never paid transfer tax when moving a property to a trust or changing trustees.
3.And when you buy a property with a land trust, when you go to the court house to file it and fill out the PT-61 form is it still considered a deed of gift and because the homeowner created the orginial land trust and no money changed hands, even if they paid me to take the house?
A. I would assume that there will be no transfer tax unless the clerk there really tries to get me to pay. As I said before, they never have.