Assignment Of Beneficial Interest Instruction Sheet printable pdf download

Assignment Of Beneficial Interest Instruction Sheet

How to Sell or Assign Your Beneficial Interest in Your Land Trust

The procedure to sell your beneficial interest in your land trust is as follows:

1. Complete the Assignment of Beneficial Interest Instruction Sheet and have Seller(s) and Buyer(s)

both sign. Mail with check or fax with credit card info to Land Trust Service Corp.(LTSC). We

will prepare and send you an Assignment of Beneficial Interest form and Florida Department of

Revenue form DR-228.

2. Buyer and Seller will sign the Assignment of Beneficial Interest and return to LTSC. We will

sign our acceptance, return copies to both parties and file form 56 with the IRS. Form DR-228

should be sent to the Florida Department of Revenue with your check for the documentary stamp

tax, if any.

If the transfer is to your own LLC, corporation or another trust there will probably not be any

documentary stamp tax due. If it will be to a family member as a gift there will probably not be tax

due unless there is a mortgage on the property.

If the transaction will be financed with a third party mortgage, we will need the contact informa-

tion for the mortgage company or title company (including their fax number). We will need to sign

the mortgage after obtaining a Direction to Trustee from the Buyer.

If the Seller wishes to finance the transaction by taking a mortgage back into another trust, contact

us about setting up a mortgage trust with Federal Funding Group, LLC.

If you wish to finance the transaction with a pledge of the beneficial interest with a chattel mort-

gage and UCC-1, you should have these documants prepared by an attorney, or you can use the

ones in our book, Land Trusts in Florida.

Our fee for completing a sale of beneficial interest transaction is $100. If you are assigning the

interest without consideration, such as to your own LLC or to your spouse the fee is $50.

Land Trust Service Corporation

Post Office Box 186

Lake Wales, FL 33859

Phone: 863-678-0011

Fax: 863-678-0155

Assignment Of Beneficial Interest Instruction Sheet