The Florida Land Trust is a low-cost and simple way to hold legal title to real estate or personal property.The Florida Land Trust is in accordance with the Florida Land Trust act that was established in 2006 by the Florida legislature. The trust allows for buying, selling, holding or financing Florida real estate or personal property in a private confidential manner.One major movement in Florida which uses the Florida Land Trust act is the North Florida Land Trust which works to acquire conservation real estate in Jacksonville, Nassau, Baker, or Putnam among others.checkout my latest blog post to get updated information.
Terminology of a Land Trust
Below are the terminologies used in a Florida Land Trust:
1. Trust Agreement – this establishes the trust, it is the agreement that the beneficiary and trustee enter into.
2. Trustee – this is the person that holds the legal and equitable title to the land trust property in the trust agreement.
3. Beneficiary – this is the person in the agreement who is designated to have the authority to direct the trustee as it relates to the trust property.
4. Power of Direction – this refers to the authority to govern the disposition of the trustee as it relates to the title of the land and the carrying out of documents which affect the property.
5. Deed in Trust – this refers to the item that bears the title to the real property into the trust of the land.
6. Trustee’s Deed – this refers to an instrument if the trustee of the land should convey the title to the real property to some other party.
Florida Land Trust for Conservation Purposes
One major use of land trusts is for conservation purposes. The North Florida Land Trust is one way to show Florida Investing Jacksonville as there are numerous projects under the company’s wings which help to preserve and protect land for future generations. Since the company is a non-profit organization, contributions are important to their success and goals.
Benefits of Florida Land Trust
The benefits to buying and holding real estate in the Florida Land Trust are substantial. Since the Florida Land Trust keeps your name out of public record, your ownership interest of personal property and Florida real estate is kept confidential. Additionally when you hold property in the Florida Land Trust you receive the benefits of most of your rights to ownership while there is a limit to the liabilities associated with real ownership of property. The trust has continuity as if the owner of the trust should die, the trust is not terminated.go to http://jacksonville.com/news/metro/2015-04-21/story/land-trust-buys-square-mile-property-big-talbot-island for more information about Florida Land Trusts.
Persons can always consult with a legal counsel so as to not get the wrong idea about the Florida Land Trusts. Florida Land Trusts will not allow a property owner to avoid any kind of transfer, tax or income that would be normally due if the property were conveyed. The trust is also not a go around for any due on sale in promissory notes as it relates to property.