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IF REAL ESTATE THAT'S LOCATED IN MICHIGAN, WAS PUT INTO AN ILLINOIS TYPE LAND TRUST, WOULD PROBLEMS ARISE UPON SELLING?

Detroit, MI |

IF SO, HOW CAN THE PROBLEM(S) BE RECTIFIED? A LAND TRUST DEED WAS FILED AT THE REGISTER OF DEEDS OFFICE AND A LAND TRUST AGREEMENT WAS EXECUTED BUT, WAS NOT FILED WITH THE REGISTER OF DEED'S OFFICE. SOMEONE AT A TITLE COMPANY TOLD ME THAT MICHIGAN DOESN'T RECOGNIZE LAND TRUST EVEN THOUGH THERE ARE NO LAWS IN MICHIGAN REGARDING LAND TRUST. I WAS ALSO, TOLD THAT I WOULD NOT BE ABLE TO GET TITLE INSURANCE.

Attorney Answers 4

Posted

You are going to want to establish a relationship with an attorney local to the property. You're going to want that lawyer to be familiar with you, your trust, the property, the beneficiaries, and the buy/sell relationship and related documents. I am in southeast Michigan and will help you in any way I can.

Feel free to call my office to discuss this matter further if you'd like. I am a licensed real estate broker as well as an attorney (586) 405-4937.

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Gary Roger Waitzman

Gary Roger Waitzman

Posted

I agree

Asker

Posted

Thank you for replying and I will be giving you a call today.

Posted

Unfortunately, your question cannot simply be answered through this forum. You need to have the Land Trust Agreement and Land Trust Deed reviewed by an experienced attorney who can then advise you as to what, if anything needs to be done.

Except for Federal Tax issues, my answers are limited to Michigan law since I am a licensed attorney in the State of Michigan. Moreover, answers to questions are for general purposes only and do not establish an attorney-client relationship.

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Asker

Posted

THANKS FOR RESPONDING, COULD YOU GIVE ME AN IDEA OF THE COST FOR A LEGAL OPINION

Gary Roger Waitzman

Gary Roger Waitzman

Posted

I agree

Posted

WITH ANY TRUST OR WILL OR POWER OF ATTORNEY OR DEED OR ANY OTHER LEGAL DOCUMENT YOU CANNOT RELY ON THE LABELS ATTACHED TO THE DOCUMENT YOU HAVE TO LOOK AT THE DOCUMENT ITSELF. MICHIGAN RECOGNIZES TRUSTS BUT NOT EVERY DOCUMENT THAT CALLS ITSELF A TRUST IS A TRUST I HOPE THIS IS CLEAR. (Whew, my lungs hurt after all that yelling)....

This is not legal advice. I am not your lawyer. You are not my client. You cannot rely on my response to your question. My response to your question is probably worth exactly what you paid for it. You don't get to sue me for anything. If you'd like to sue me, well you have to hire me first.

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Asker

Posted

Thanks for you response. I do understand your point, however I'm sure that it is an Illinois type land trust per the document"s languish . I also, know that many states have statutes specifically for land trust. Michigan's law says little about the subject so, is it a case where silence implies consent. I have not check with many title companies but , one title company told me that I wouldn't be able to get title insurance. I'm wondering it a quiet title will fix any potential title transfer issues.

Gary Roger Waitzman

Gary Roger Waitzman

Posted

I agree

Posted

I don't see why you could not just have the land trustee prepare a deed with a letter of direction signed by the beneficial interest holder directing that the property be deeded to the buyer. That should solve the problem. I would suggest you have an attorney review the documents for you. Also, is the beneficiary competent to sign a letter of direction to the land trustee?

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Asker

Posted

Thank you for repaying, the beneficiary is competent.

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