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 Checklist
Current Property Process
Buying a Property Process
Foreign National Process
Time Required for creation?
 Set up Cost
 Annual Maintenance Service
 Complete Land Trust Data sheet
Check beneficiary for RICO liens
Check mortgage for due on sale clause
 Obtain approval for transfer if necessary
Trust
Prepared
Executed
Beneficiary Agreement
Deed to trustee
Prepared
Executed
Recorded
Prepared
Executed
 Statement of registered agent for ABO (if foreign beneficiary)
IRS Form 56
Prepared
Executed
Filed
Copies distributed to all parties
Land Trust
Formation Checklist

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Questions Florida Land Trust Checklist

  • 1.  Checklist Current Property Process Buying a Property Process Foreign National Process Time Required for creation?  Set up Cost  Annual Maintenance Service
  • 2.  Complete Land Trust Data sheet Check beneficiary for RICO liens Check mortgage for due on sale clause  Obtain approval for transfer if necessary Trust Prepared Executed Beneficiary Agreement Deed to trustee Prepared Executed Recorded Prepared Executed  Statement of registered agent for ABO (if foreign beneficiary) IRS Form 56 Prepared Executed Filed Copies distributed to all parties Land Trust Formation Checklist

Editor's Notes

  1. The process of creating a land trust for your property depends on the current relationship you have with that property. The formation steps outlined on this slide remain the same, but your current property relationship may require several resource findings: If you are intending to buy property as a land trust, the trust is not formed until your offer to purchase is accepted by the seller. If you own property with a mortgage, have been served papers by your lender and have retained an attorney for defense, talk to your attorney. If you own unencumbered property that is your homestead, there are preliminary steps to set in motion. If you intend to place a land trust within either a Limited Liability Company, the LLC must first be formed.