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Land Trust Assignment Of Beneficial Interest |
thelemur
95 Posts
Member Since: 04/30/2005
Charlotte, NC
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Posted: 09:34 on 05-06-2008
When you re-assign the beneficiary of a Land Trust does that action get recorded somewhere? For some reason I am just under the impression that it's a document that gets signed... that you keep, and that's all.
I'm not doing this at the moment, but it peaked my curiosity.
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JohnMerchant
1930 Posts
Member Since: 04/23/2002
Tacoma, WA
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Posted: 14:31 on 05-06-2008
If I were buying and taking an Assignment of Beneficiary interest I'd probably want to record it, so I'd get a notarized assignment of interest so I could do so.
If selling such, and for some reason I did not want it recorded, I might just forget the NP Acknowledgement so it could NOT be recorded as such, and the buyer would have to come back later and ask me for recordable doc.
Since a one year or longer RE Lease in WA State must be notarized and recordable, I've omitted the NP Ack. once or twice where I figured it might be more beneficial to me if I had to do eviction for non-payment.
And a few years back I bought a duplex with one tenant who thought she'd swindled the elderly seller with her "long term lease" but when I examined it I realized it was not notarized or recordable and was nothing more than MTM rental agreement.
I gave that MTM tenant a 30 day eviction notice and after she screamed and ranted that she was going to sue me, etc., and then talked to her lawyer, she was gone by the end of the month.
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thelemur
95 Posts
Member Since: 04/30/2005
Charlotte, NC
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Posted: 14:37 on 05-06-2008
So if you dont record the assignment of beneficial interest, and you lose the docs, what happens?
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richardo
54 Posts
Member Since: 08/09/2007
Henderson, NV
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Posted: 00:00 on 05-07-2008
Some states require that the assignment of benefical interest be recorded. When it's not required, to my knowledge, it's never recorded. I always have the assignment notarized but never record it. The notarization substantiates the date of assignment by a disinterested third party.
If you should lose the assignment form you're going to have problems. Especially if the asset has significantly appreciated.
Perhaps, some additional monetary consideration would help.
I haven't any idea what legally can be accomplished.
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haynesm
81 Posts
Member Since: 03/06/2005
Verona, MO
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Posted: 09:16 on 05-08-2008
Quote:
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On 2008-05-07 00:00, richardo wrote:
Some states require that the assignment of benefical interest be recorded. When it's not required, to my knowledge, it's never recorded. I always have the assignment notarized but never record it. The notarization substantiates the date of assignment by a disinterested third party.
If you should lose the assignment form you're going to have problems. Especially if the asset has significantly appreciated.
Perhaps, some additional monetary consideration would help.
I haven't any idea what legally can be accomplished.
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It seems the concern deals with the fact that a person might lose the assignment, as in “It’s GONE”. Maybe through carelessness, fire, flood etc. So I was wondering, if a person doesn’t want to record the assignment in the local recording place (recorders office in court house here) then they might notarize and record it in another courthouse in a different county or state. This would almost ensure a copy is available if by chance they did lose the one they planned on keeping. Is this a viable alternative????
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JohnMerchant
1930 Posts
Member Since: 04/23/2002
Tacoma, WA
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Posted: 10:16 on 05-11-2008
Haynesm, I'm awarding you a Gold Star for your most interesting idea of recording in the "wrong" county or state. 
It'd be interesting to test this and see just how many recorders might catch this and block it since it wouldn't reference any property in their county or state.
Of all states wherein I've recorded or tried to, I've found CA the toughest and have had items turned down and returned, unrecorded there whereas I felt like they'd have gone through in other states....and indeed, looking at CCCs and CA Rules, they do have tight rules on what can/can't be recorded.
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richardo
54 Posts
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Henderson, NV
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Posted: 17:26 on 05-11-2008
Recording in a different county or state is an interesting idea.
I don't think it will work by reason of the legal description or APN or other instrument identifications which would flag it as foreign in another county or state. Try it and let us know. You may have invented a new wheel.
I probably have a dozen or more unrecorded, assignments of beneficiary interest. Losing any one of them would be catastrophic. Perhaps, I should place them in a fireproof safe in the attic. Yeh, but what about tornados and earthquakes? Maybe confiring them to a bank safety deposit box would be a better solution.
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