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Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.
Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.
Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.
Yes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.
Wiki User
∙ 13y ago
Wiki User
∙ 11y agoIrrevocable trusts and quitclaim deeds are different instruments. If you want to transfer your property to a trust you need to consult with an attorney who specializes in trusts. The attorney will review your situation and your needs and draft a trust that conforms to state and Federal Laws. Then you will need to tranfer your property to the trustee of the trust by executing a deed. Once that's done you will no longer own the property. Title will be held by the trustee who will manage the property according to the terms of the trust.
Irrevocable means "cannot be called back" meaning "cannot be undone. You should consult with an attorney before transferring any property to an irrevocable trust.
Wiki User
∙ 13y agoYes, as long as the trust was properly drafted. Every trust is unique since the trust is created by the trust document. A properly drafted trust document has a provision whereby the trustee has the authority to transfer and convey property. The trustee's deed can be a quitclaim deed. You must review the trust document to determine how property can be sold by the trust.
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Can real estate that is deeded to an irrevocable trust be sold by the owner?
Absolutely not. The person who transferred the property to an irrevocable trust no longer owns the property. Their deed would be null and void. The trust can sell the property as long as that power was granted to the trustee in the Declaration of Trust. For an effective transfer of the property the deed of transfer must be executed by the trustee.
Can I file a quick claim on a deed in trust?
You can transfer your real property to the trustee of a trust using a quitclaim deed.
Can supplementary deed supersede trust deed?
The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.The only effective deed is a deed signed by the current owner of the property or in the case of a trust, the current trustee of a trust that owns property. If the owner conveys property by a deed after they have granted a mortgage by a trust deed the property is subject to the mortgage and if it's not paid the lender can take possession of the property.
Can an irrevocable trust be added to the deed of a house?
An irrevocable trust cannot be added to the deed of a house. Once assets like a house are placed within an irrevocable trust, they are owned by the trust and not the individual, so they cannot be added to the individual's deed.
What can you do if an irrevocable trust was left to 5 beneficiaries and one tries to sale the property without the knowledge of others?
The title to property in a trust is in the name of the trustee. Only the trustee has the authority to sell the trust property. A sale by one of the beneficiaries would be void since the beneficiaries do not have title to the property. If the property is real estate, a deed from one of the beneficiaries would not convey the property and would not be acceptable to the buyer. The deed must be executed by the trustee as set forth in the trust instrument.
what is a ouick claim deed?
Quick Claim Deed is usually misspelled and should be Quit Claim Deed. If you are granting the deed you are "quitting" any interest in the property. A quitclaim deed is a fast and effective way of transfering property.
What is A written claim to some piece of a property?
A written claim to some piece of property
How do you fund and or transfer assets toan irrevocable trust?
Real property must be transferred by deed to the trustee of the trust. A deed to a trust should state the grantee as "Elvis Presley, trustee of the Graceland Realty Trust Under a Declaration of Trust Dated January 1, 1959". Accounts must be opened in the name of the trust (the bank will assist you) then your assets would be deposited in those accounts.
Can a trust exist where there is no trust deed?
A court can impose a trust on equitable grounds against someone who obtained property through wrongdoing. The wrongdoer is reduced to a trustee and the title is restored in the rightful owner. This is called a constructive trust. Generally, a trust exists by virtue of a document that sets forth the provisions of the trust, names the trustee(s) and adheres to the state requirements for a valid trust. That document is commonly called a Declaration of Trust. A trust exists independently whether it owns property or not. Any property that is to be held in trust by the trustee must be transferred to the trust. If that property is real estate, the owner must execute a deed that transfers title to the trustee of the trust. By doing so the owner is giving up ownership. If there is no deed to the trustee then the real estate is not part of the trust property. The deed to the trustee is referred to as a trust deed or deed of trust. When the property is transferred out of the trust by the trustee that deed is called a trustee's deed. In some jurisdictions a trust deed or deed of trust is the term used to describe a mortgage.
What is the difference between a Deed and a Deed Of Trust?
A deed is the instrument used to transfer title to real estate. A deed of trust transfers property to someone to be held in trust for another. A deed of trust can have different meanings in different jurisdictions. In some states a deed of trust has the effect of a mortgage. A trustee holds the property until the debt has been paid. In other jurisdictions a deed of trust is a deed that transfers real property to a trustee who will hold title to the property indefinitely according to the terms of the trust. The trust may be one that was created in a separate instrument that is referenced in the deed or the trust may be set forth in the deed itself.
Who pays the taxes when there is both a deed and a deed of trust?
Generally, the fee owner of the property is responsible for paying the property taxes. That would be the grantee in the deed of conveyance. In this case the 'deed of trust' is assumed to be a mortgage.
Can property be transferred by quit claim from trust to individual?
The property can be transferred as long as the document that created the trust granted the power to transfer real estate to the trustee. The deed should be drafted by a professional. Errors in deeds drafted by non-professionals can be costly to correct if they can be corrected. Especially so when dealing with property that was transferred to a trust. You should make an appointment with an attorney who can review the trust and draft a proper deed.
