Mark Podolsky explains what a land trust is: a revocable living trust that holds real estate title. It offers privacy, protects against liens and title claims, discourages lawsuits, shields you from HOA claims, and lets you assign contracts and assume loans.
Hey, it's Mark Podolski, the lane Geek with thelanegeek.com let's have another virtual cup of coffee together. So I just finished a podcast with Randy Hughes, aka Mr. Land Trust. So what's land trust? Well, I took some notes from the podcast so I would mess this up. So a land trust is basically a revocable living trust used specifically for holding title to real estate. Now why would you want to do this? Well, basically, if you're holding title titled real estate in your name, there's lots of things that can go wrong. Number one, you've got privacy issues, right? People that own real estate, other people would consider wealthy, so they go out on that property, they get hurt. You are a target for litigation. So the number one reason to hold property in a land trust is you get afforded privacy, right? There's a few other reasons. I'm going to take a look here. Protection from liens. Turns out real estate title in a trust name is not subject to liens against the beneficiary of the trust. That's a huge benefit. Protection from title claims. If you sign a warranty deed in your own name, then you are liable for any claims against that title. Right? But not if it's in a trust. So for example, a lien without your knowledge could result in liability against you. Discourages litigation because the attorneys can't find out who really owns that property. It's in a trust. They don't know who the beneficiary of the trust is. They just know it's in a trust. Protection from HOA claims. Same thing. The HOA doesn't know who the property owner is, making contracts assignable and making loans assumable. So these are just some of the benefits of holding property and land trust. And if you click the link above, it's a link to learn more about Land Trust. How to hold property outside of your name. It's Randy Hughes's webinar. I highly recommend it. So there you go. If you want more tips, tricks, techniques, how to make an incredible income actively and passively buying selling raw land, go to www.thelanegeek.com, download the passive income Blueprint, get the ebook how to avoid the three fatal Land buying mistakes. And of course, get the always informative and engaging podcast delivered each week to your email inbox. This is Mark Podolski, the Land Geek. Thanks for having another virtual cup of coffee with me. I'll see you next time.
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