Use a title holding trust....
Posted by Ward-CA- on November 19, 2003 at 08:55:49:In Reply to: Best Way to Hold Title (CALIF)?? posted by Philip on November 17, 2003 at 13:35:07:
: Hello. I am in a Joint Real estate venture with another person. He filed Bankruptcy, we had Balloon payments due and no one would refinance. to avoid defaulting and losing a huge amount of equity, I paid off the balloons WITH MY PERSONAL MONEY so we now own the properties free and clear. However, Since I 'm now "way more vested" in the properties than my (No good) partner, how should title be held?? Thanks for any suggestions
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Philip,
I'd transfer the property's title into a Title Holding Trust (THT) with you as the Trustee and have the beneficial interest divided between you and your partner on a ratio that's satisfactory to you.
If you need more info on a THT click on the link below.
Hope this helps.
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Comments:: : Hello. I am in a Joint Real estate venture with another person. He filed Bankruptcy, we had Balloon payments due and no one would refinance. to avoid defaulting and losing a huge amount of equity, I paid off the balloons WITH MY PERSONAL MONEY so we now own the properties free and clear. However, Since I 'm now "way more vested" in the properties than my (No good) partner, how should title be held?? Thanks for any suggestions : =â?¢=â?¢=â?¢=â?¢=â?¢=â?¢=â?¢=â?¢=â?¢=â?¢=: Philip,: I'd transfer the property's title into a Title Holding Trust (THT) with you as the Trustee and have the beneficial interest divided between you and your partner on a ratio that's satisfactory to you.: If you need more info on a THT click on the link below.: Hope this helps.Optional Link URL : Link Title :
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