OfflineI'm a wholesaler planning on using land trusts to purchase REOs and then flipping them to my buyers with an Assignment of Beneficial Interest (ABI). I intend to make offers as, for example, "123 Main St Trust, Elliott L (my name), Trustee" as the Buyer. Questions/issues:
1. On a standard trust declaration form, who should I write in as the Grantor? Is it 123 Main St Trust? The Bank/Seller?
2. At the bottom of the form it has "Beneficiaries/Witness." What do I put there?
3. Does anyone have an "Assignment of Beneficial Interest" form that they have used in Calif and wouldn't mind posting it for download? Or, if not, where I can find one?
It seems some people on this forum, like KimmyJ, are not using the ABI. They just tell the title company vesting will be with their partner/end-buyer. The end-buyer provides a Proof of funds and then the title agent removes my name from title and inserts my end-buyer. Advice on this?
Thanks...appreciate the help!
Elliott
thats pretty much they way I have done it as well. But let me research this one for you. I will post as soon as I can get you a concrete answer.
Anita
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