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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Playing magic with the transfer tax declaration... Posted by Travisf on May 17, 2003 at 7:31 PM In Reply to: Playing magic with the transfer tax declaration... posted by Ward-CA- on May 17, 2003 at 6:37 AM : : Ward, : : Thanks again for another great day of training. I reviewed the manuals today and had some light bulbs go on. I'm definately going to give the judgement stuff a roll. I got a bit confused when reviewing the transfer tax stuff - remind me again, please. On the grant deed I'm going to list zero transfer tax when my seller deeds into the trust. I won't need to hide the transfer tax because the transaction is exempt. So if the transfer tax is zero, then why do I need to request that it not be recorded? And in what situation would I voluntarily pay transfer tax when it's not owed to hide the actual amount? : : Confused, : : Dave : : P.S. - Have you seen my cell phone? : =•=•=•=•=•=•=•=•=•=•= : David, : When trying to hide the sale of property from a lender, to avoid the due-on-sale problem. you’re best advised to employ the title holding trust. : Create the trust in the surname of the delinquent property owner with yourself as the trustee. For example, let’s say the owner is Frank Hudson. You’d have Mr. Hudson sign a grant deed where he, as the grantor, transfers the title of his property to you David, as the trustee of his trust. The grantee’s vesting would read like this, “David Calabash, Trustee of the Hudson Trust, dated May 16, 2003”. : The transfer just took the title out of Frank Hudson’s name and placed it into Hudson trust, with you named as the trustee. Thus, because there’s no sale the transfer tax on the recorded deed would read “ -0- transfer to revocable trust”. : In the above scenario you wouldn’t need to hide the transfer tax. : But let’s say you wanted to put property that was already in your name into a trust and make it appear that you probably had sold the property and thus weren’t involved with it any more. : In that instance you don’t want the zero tax declaration to show because it would be obvious you still own the property and that no sale had taken place. So you’d then put your zero declaration on a separate sheet that accompanies your deed, asking that the declaration not be filmed. Thus the recorded deed’s tax declaration area would be blank, disclosing nothing to the public. : I think that cell phone has made it's way to Iraq by now. : Hope this helps What happens to the property taxes when you are buying with a title holding trust? do they get re-assessed? I would assume no, and if not is there any legal challenges there? Travis Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Ward, : : : Thanks again for another great day of training. I reviewed the manuals today and had some light bulbs go on. I'm definately going to give the judgement stuff a roll. I got a bit confused when reviewing the transfer tax stuff - remind me again, please. On the grant deed I'm going to list zero transfer tax when my seller deeds into the trust. I won't need to hide the transfer tax because the transaction is exempt. So if the transfer tax is zero, then why do I need to request that it not be recorded? And in what situation would I voluntarily pay transfer tax when it's not owed to hide the actual amount? : : : Confused, : : : Dave : : : P.S. - Have you seen my cell phone? : : =•=•=•=•=•=•=•=•=•=•= : : David, : : When trying to hide the sale of property from a lender, to avoid the due-on-sale problem. you’re best advised to employ the title holding trust. : : Create the trust in the surname of the delinquent property owner with yourself as the trustee. For example, let’s say the owner is Frank Hudson. You’d have Mr. Hudson sign a grant deed where he, as the grantor, transfers the title of his property to you David, as the trustee of his trust. The grantee’s vesting would read like this, “David Calabash, Trustee of the Hudson Trust, dated May 16, 2003”. : : The transfer just took the title out of Frank Hudson’s name and placed it into Hudson trust, with you named as the trustee. Thus, because there’s no sale the transfer tax on the recorded deed would read “ -0- transfer to revocable trust”. : : In the above scenario you wouldn’t need to hide the transfer tax. : : But let’s say you wanted to put property that was already in your name into a trust and make it appear that you probably had sold the property and thus weren’t involved with it any more. : : In that instance you don’t want the zero tax declaration to show because it would be obvious you still own the property and that no sale had taken place. So you’d then put your zero declaration on a separate sheet that accompanies your deed, asking that the declaration not be filmed. Thus the recorded deed’s tax declaration area would be blank, disclosing nothing to the public. : : I think that cell phone has made it's way to Iraq by now. : : Hope this helps : What happens to the property taxes when you are buying with a title holding trust? do they get re-assessed? I would assume no, and if not is there any legal challenges there? : : Travis Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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