Creating a living trust to buy a house?

[SK in CV]

[quote=Hatfield]Let’s assume that this was a cash purchase. In some states (Nevada? Colorado?) the officers of a corporation are not a matter of public record. So it seems that you could form such a corporation in one of these states and then have the corporation buy the property.

In fact, assuming that’s possible, it seems like you could later sell the property without having the sale recorded or the property re-assessed, simply by selling the corporation.

There has to be a catch. What have I missed?[/quote]

A few problems.

First, a corporation formed in a different state must register with the state of CA before doing business here. I suspect, though I’m not positive, that purchasing real property would qualify as “doing business”. A foreign corporation has to file similar documents with the secretary of state as domestic corps, identifying officers and an agent for service of process.

Second, who’s going to buy the corporation (an out of state corp at that) and assume potential liablities of that corporation, the tax and legal headaches that would go along with maintaining the corporation and even bigger headaches of liquidating it. And legally, that transfer would have to be reported to the county assessor by the beginning of May following the sale if not sooner.

[edna_mode]

@flu: A phone line? As in, a land line? Who has one of those anymore?

If you get a prepaid cell phone with no contract, no address needed. No address published. No problem.

[edna_mode]

@flu: A phone line? As in, a land line? Who has one of those anymore?

If you get a prepaid cell phone with no contract, no address needed. No address published. No problem.

[edna_mode]

@flu: A phone line? As in, a land line? Who has one of those anymore?

If you get a prepaid cell phone with no contract, no address needed. No address published. No problem.

[edna_mode]

@flu: A phone line? As in, a land line? Who has one of those anymore?

If you get a prepaid cell phone with no contract, no address needed. No address published. No problem.

[edna_mode]

@flu: A phone line? As in, a land line? Who has one of those anymore?

If you get a prepaid cell phone with no contract, no address needed. No address published. No problem.

[Coronita]

[quote=edna_mode]@flu: A phone line? As in, a land line? Who has one of those anymore?

If you get a prepaid cell phone with no contract, no address needed. No address published. No problem.[/quote]

Utility bills? Surprisingly, it’s searchable too.
Trust me, you’re privacy is less than you think. These companies mine data all over the place. Your employer information, etc. It’s simply amazing.

[Coronita]

[quote=edna_mode]@flu: A phone line? As in, a land line? Who has one of those anymore?

If you get a prepaid cell phone with no contract, no address needed. No address published. No problem.[/quote]

Utility bills? Surprisingly, it’s searchable too.
Trust me, you’re privacy is less than you think. These companies mine data all over the place. Your employer information, etc. It’s simply amazing.

[Coronita]

[quote=edna_mode]@flu: A phone line? As in, a land line? Who has one of those anymore?

If you get a prepaid cell phone with no contract, no address needed. No address published. No problem.[/quote]

Utility bills? Surprisingly, it’s searchable too.
Trust me, you’re privacy is less than you think. These companies mine data all over the place. Your employer information, etc. It’s simply amazing.

[Coronita]

[quote=edna_mode]@flu: A phone line? As in, a land line? Who has one of those anymore?

If you get a prepaid cell phone with no contract, no address needed. No address published. No problem.[/quote]

Utility bills? Surprisingly, it’s searchable too.
Trust me, you’re privacy is less than you think. These companies mine data all over the place. Your employer information, etc. It’s simply amazing.

[Coronita]

[quote=edna_mode]@flu: A phone line? As in, a land line? Who has one of those anymore?

If you get a prepaid cell phone with no contract, no address needed. No address published. No problem.[/quote]

Utility bills? Surprisingly, it’s searchable too.
Trust me, you’re privacy is less than you think. These companies mine data all over the place. Your employer information, etc. It’s simply amazing.

[Shadowfax]

[quote=SK in CV]First, a corporation formed in a different state must register with the state of CA before doing business here. I suspect, though I’m not positive, that purchasing real property would qualify as “doing business”. A foreign corporation has to file similar documents with the secretary of state as domestic corps, identifying officers and an agent for service of process.

Second, who’s going to buy the corporation (an out of state corp at that) and assume potential liablities of that corporation, the tax and legal headaches that would go along with maintaining the corporation and even bigger headaches of liquidating it. And legally, that transfer would have to be reported to the county assessor by the beginning of May following the sale if not sooner.[/quote]

Foreign corporations do have to register, but only if they are conducting business. owning a residence is not “doing business” in CA. In fact, many states provide that as an exception to what constitutes doing business. And most states require some documentation reporting who the directors or officers of a corporation (or members/managers for an LLC) are. These records are not always available via the internet, but can be obtained (for a small fee) by the public by requesting the records from the Secretary of State or some equivalent agency.

Buying the corporation (foreign or domestic) is not that big a deal if the only asset is the real property. But a better way might be to just have the entity sell the real property to the buyer, then dissolve the entity.

[Shadowfax]

[quote=SK in CV]First, a corporation formed in a different state must register with the state of CA before doing business here. I suspect, though I’m not positive, that purchasing real property would qualify as “doing business”. A foreign corporation has to file similar documents with the secretary of state as domestic corps, identifying officers and an agent for service of process.

Second, who’s going to buy the corporation (an out of state corp at that) and assume potential liablities of that corporation, the tax and legal headaches that would go along with maintaining the corporation and even bigger headaches of liquidating it. And legally, that transfer would have to be reported to the county assessor by the beginning of May following the sale if not sooner.[/quote]

Foreign corporations do have to register, but only if they are conducting business. owning a residence is not “doing business” in CA. In fact, many states provide that as an exception to what constitutes doing business. And most states require some documentation reporting who the directors or officers of a corporation (or members/managers for an LLC) are. These records are not always available via the internet, but can be obtained (for a small fee) by the public by requesting the records from the Secretary of State or some equivalent agency.

Buying the corporation (foreign or domestic) is not that big a deal if the only asset is the real property. But a better way might be to just have the entity sell the real property to the buyer, then dissolve the entity.

[Shadowfax]

[quote=SK in CV]First, a corporation formed in a different state must register with the state of CA before doing business here. I suspect, though I’m not positive, that purchasing real property would qualify as “doing business”. A foreign corporation has to file similar documents with the secretary of state as domestic corps, identifying officers and an agent for service of process.

Second, who’s going to buy the corporation (an out of state corp at that) and assume potential liablities of that corporation, the tax and legal headaches that would go along with maintaining the corporation and even bigger headaches of liquidating it. And legally, that transfer would have to be reported to the county assessor by the beginning of May following the sale if not sooner.[/quote]

Foreign corporations do have to register, but only if they are conducting business. owning a residence is not “doing business” in CA. In fact, many states provide that as an exception to what constitutes doing business. And most states require some documentation reporting who the directors or officers of a corporation (or members/managers for an LLC) are. These records are not always available via the internet, but can be obtained (for a small fee) by the public by requesting the records from the Secretary of State or some equivalent agency.

Buying the corporation (foreign or domestic) is not that big a deal if the only asset is the real property. But a better way might be to just have the entity sell the real property to the buyer, then dissolve the entity.

[Shadowfax]

[quote=SK in CV]First, a corporation formed in a different state must register with the state of CA before doing business here. I suspect, though I’m not positive, that purchasing real property would qualify as “doing business”. A foreign corporation has to file similar documents with the secretary of state as domestic corps, identifying officers and an agent for service of process.

Second, who’s going to buy the corporation (an out of state corp at that) and assume potential liablities of that corporation, the tax and legal headaches that would go along with maintaining the corporation and even bigger headaches of liquidating it. And legally, that transfer would have to be reported to the county assessor by the beginning of May following the sale if not sooner.[/quote]

Foreign corporations do have to register, but only if they are conducting business. owning a residence is not “doing business” in CA. In fact, many states provide that as an exception to what constitutes doing business. And most states require some documentation reporting who the directors or officers of a corporation (or members/managers for an LLC) are. These records are not always available via the internet, but can be obtained (for a small fee) by the public by requesting the records from the Secretary of State or some equivalent agency.

Buying the corporation (foreign or domestic) is not that big a deal if the only asset is the real property. But a better way might be to just have the entity sell the real property to the buyer, then dissolve the entity.

[Author]

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