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No lien have warranty Deed in a Trust name

Discussion in 'Buying & Selling a Home or Residence' started by Benali, Jan 23, 2020.

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  1. Benali

    Benali Law Topic Starter New Member

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    Jurisdiction:
    Florida
    We are trying to close on a ssm ministry house to help couples in need. We tried to put the new home in our ministry. The title company refused to place the grantees name as the ssm ministry and suggest we do the purchase in a trust

    We worked on our trust documents which they accepted after we turned in our trust documents and all was fine until the closing. They wanted to add out name as the minister as the grantee. The entire purpose we wanted to put it in the ministry name in the first place was to hide our names due to what we do. We help people in need. For example a couples home burned to the ground. The ministry bought them a new home. We did not want anyone’s name associated with the purchase so people had no clue who actually was involved besides the ministry or trust. The main reason was we did not want people harassing the individuals and beg for money or a hand out.

    is there any law that states the grantees must be an individual or person or can we place it in a trust or ministry name with no names associated to it? We have our federal EIN established.

    blessings
     
  2. adjusterjack

    adjusterjack Super Moderator

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    Fire your title company and get one that will do it your way.

    Any legal entity should be able to own property in its own name. There may be some exceptions. What type of business entity is your ministry?

    You can go online to your county recorder and see thousands of deeds in business names without individual names.
     
  3. Tax Counsel

    Tax Counsel Well-Known Member

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    You don't need a trust for this, and it isn't a particularly good idea to do it as a trust. If your ministry qualifies for tax exemption as a charitable or religious organization under Internal Revenue Code (IRC) § 501(c)(3) then generally you need for the ministry to be set up as a corporation. You can form a Florida nonprofit corporation (FNPC) for that. A corporation may hold property, and if you use a FNPC and are exempt under IRC § 501(c)(3) the donations to your organization will be tax deductible for the donors and not taxable income to the organization. Since the property would be titled to the corporation there would be no individual's name as either grantee or grantor when the property is bought or sold. Of course an officer for the ministry would still have to sign the deed to convey it to someone else, but no matter what you do an individual still needs to sign the deed anyway.
     

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