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| Saturday, October 11, 2008
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| Author |
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JoeC6
(Florida)
Posts:11
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| 07/16/2008 9:03 PM |
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Has anyone had the experience of fileing a lien where the property has been turned over and deeded to a land trust. Here in florida the HOA assessments follow the land so I would assume ( wonderful word ) that the Lien would be filed against the trust and not the individual that previously owned the land.
Looking for input from others that have run into this situation. |
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KirkW1
(Texas)
Posts:917
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| 07/17/2008 5:33 AM |
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| I think the lien is always filed against the land. When you name the current owner, then you would certainly put the trust in as that is the owner. (Even knowing there are people who own the trust.) But if you are in doubt, I would hire an attorney and add the associated cost to the lien. |
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SusanW1
(Michigan)
Posts:1812
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| 07/17/2008 6:15 AM |
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Is this a plot of land or a unit?
Just curious about how "something" got deeded to a land trust.
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SusanW1
(Michigan)
Posts:1812
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| 07/17/2008 6:18 AM |
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From wikepedia:
A land trust is an agreement whereby one party (the trustee) agrees to hold ownership of a piece of real property for the benefit of another party (the beneficiary). Land trusts are used by nonprofit organizations to hold conservation easements, by corporations and investment groups to compile large tracts of land, and by individuals to keep their real estate ownership private, avoid probate and provide several other benefits.
A community or conservation land trust is an organization established to hold land and to administer use of the land according to the charter of the organization. A land trust is a useful way to manage complex divisions of the Bundle of Rights that people can own in real estate, and can be used to manage something as large and complex as a multi-state REIT, or as common and small as a single-family home.
Corporations sometimes set up land trusts when they want to compile large tracts of land without arousing suspicion or alerting people to their plans (which would cause the asking price to rise). For example, the land for Walt Disney World near Orlando Florida was put together by using many land trusts to buy smaller tracts of land.
Individuals use land trusts mainly for privacy and to avoid probate. No one knows what one's bank balance or stock investments are, yet anyone with an internet connection can look up a person's real estate holdings. A person who has an auto accident or a doctor who accidentally injures a patient is a much better target for a lawsuit if he or she owns real estate investments. So some investors buy their properties in land trusts so their name does not appear in the public records. The land trust also allows the property to immediately pass to their heirs at the moment of death, rather than go through a long probate process.
Some of the other advantages of land trusts for individuals are:
Sales price of the property can be kept off the public records
Property taxes are lower if the purchase price is kept private
Judgments or liens (such as IRS liens) against an individual's name are not a lien against their land trust property
Partners can more easily continue a project if one dies or is divorced
Interests can be transferred quickly without recording a deed
Managing a rental property is easier when the trustee can be blamed
Negotiating a purchase or sale can be easier when the trustee can be blamed
Liability on financing can be limited to the assets of the trust
Investment trust companies hold property for investment purposes and non-citizens who want long-term access to land in Mexico often enter real-estate trust agreements, called fideicomiso, with Mexican citizens, but land trust more often refers to a community scale organization. Community land trusts are established to provide low- and moderate-income families access to affordable housing while conservation trusts protect environmentally, historically or culturally valuable places. Land trusts are also in place to protect farmland and ranchland. Despite the use of the term "trust," many if not most land trusts are not technically trusts, but rather non-profit organizations that hold simple title to land and/or other property and manage it in a manner consistent with their non-profit mission.
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JoeC6
(Florida)
Posts:11
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| 07/17/2008 6:20 PM |
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| wondering how a forclosure against the property held by the trust will play out. If the mortage is held by the individual and they deeded the property over to a trust If we lien and forclose against the trust the first mortage is not in the middle because the trust is not on the mortgage. Interesting situation I think the people were trying to hide the assets but at the same time opened it up for the taking. |
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MicheleD
(Kentucky)
Posts:1575
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| 07/17/2008 6:42 PM |
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We have two lots that are "owned" by trusts.
We treat it as any other lot owner.
We had at one time placed a lien on one of the properties, but the "owners" (the people living in it) paid off the lien so it was released. They eventually sold the property and moved to another state.
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KirkW1
(Texas)
Posts:917
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| 07/17/2008 7:07 PM |
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Again, the lien is against the land. It is not against the individual. While the loan is owed by a person (or entity) The security and lien is against the land (and improvements). Putting The deed in a trust doesn't in any way affect the rights of a lien holder.
If your HOA files a lien against the property you may find that you have to start foreclosure since the control of the land could be passed without actually selling it. |
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