0
Can the trustee of a home titled in the trust sell the home to himself?
Wiki User
∙ 9y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What happens to the property if a property does not sell at the auction or Trustee's Sale?
If a home does not sell at auction it goes back to the trustee....(The bank / Lender). Typically the property transfers back at the starting bid...so in actuality it did indeed sell.
If there is a trust and you are one third owner of the home in the trust can the house be sold without you signing for it?
As a co-owner on the deed, your signature is required along with the other two parties. This sale would not even get through the first phase of a title search without the signatures of all the owners.
What other services does Bank of America offer besides home and personal loans?
The Bank of America offers a wide range of services. They of course do home loans and personal loans but also offer various savings and investment products as well as will writing and trust holding services.
How can one tell if a work from home company is legitimate?
It is sometimes difficult to tell if a work from home company is legitimate, and there are many more scams than actual online jobs out there. Do not trust companies that require you to pay for training, and stay away from company email addresses that do not end in the supposed company's name.
My mobile home is on some else's land If that land is foreclosed on does my home become part of the foreclosure?
Not unless the mobile home was part of the collateral offered for the loan that is in default or. For example, if the lender gave money to a borrower and secured a lien against land, then you placed the mobile home on the property, the mobile home is your property and was not part of the defaulted loan. You will be required to vacate the land, but should be able to take the mobile home assuming it belongs to you. Generally, true mobile homes are not real estate, they are personal property. A mobile home can become real estate if it is built after the 1970s, has a HUD sticker, is on a foundation and the owner pays property taxes. If this occured and was owned by person who defaulted on the loan, it might be part of defaulted loan. There may be a trustee of record for the foreclosure, if you are unsure about your rights you may contact them or an attorney for information
Will the title be on your name using a deed of trust?
When land is transferred to a trust the grantee is the trustee of the trust. For example, suppose the Murphys decided to execute a trust naming their daughter Elizabeth as the trustee. If they wish to transfer their home to the trust they would need to convey it to Elizabeth Murphy as Trustee of the Murphy Family Trust.
Can you use proceeds from the sale of a house in an irrevocable trust to purchase a new home?
You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.You need to review the provisions in the trust. The proceeds belong to the trust and would be paid over to the trustee. The provisions of the trust will tell you if the trustee can use the proceeds to purchase another property in the name of the trust.
How can a home in a trust be removed by a trustor and put in the Trustor and Trustee name?
You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.
How can you sell a paid off home inherited by you through a revocable trust?
If the property is owned by the trust, the trustee must execute a deed from the trust to you. In order to execute a validdeed the trustee must be given the power to sell real estate in the document that created the trust. Once the deed to you has been executed and recorded in the land records you will be the record owner and you can sell the property by executing a deed in favor of the purchaser.A deed from a trust should be executed in the trustee's name as the trustee of the trust. The grantor on the deed should be recited as, "Buddy Guy, as the Trustee of the Best Blues Trust" grants to BB King . . . ."
Two sisters inherit a home that deceased parents left them in a trust My own home is into foreclosure is there a way I can force sister to borrow off the beach house to buy me out?
What beach house? Who is the trustee? However, the answer is probably no. The trustee typically has discretion on when and how to make distributions from the trust.
Can you fund your living trust with your homestead and 401K?
Your home can be transferred to a trust. Your 401K can only be transferred to another qualified plan through a trustee to trustee transfer under federal tax laws. You cannot take control of your own 401K.
Why is a lawyer listed on a title for a second mortgage?
I assume you are talking about a deed of trust. This is because the lawyer was appointed trustee of the deed of trust. If you fail to make the payments, that lawyer, or another lawyer appointed by the lender (a successor trustee) may sell the home.
How do you take a co trustees name off the house title?
The co-trustee is not on title, the trust is. Think of the name of the trust as the name of a company. For example: The Tom and Martha Living Trust is the name of the entity (company) which technically owns the house. Tom and Martha as individuals are NOT vested owners in the house. They do have a Trust Agreement that shows they are the ones who control the Trust (trustees) and therefore can act as agents of that Trust (like a CEO of a company). If you need the co-trustee removed, you must dissolve or modify the trust agreement removing the co-trustee. Then they must sign with you on a Grant Deed that deeds the home from one Trust to another. In our example, Tom would dissolve or modify the Tom and Martha Living Trust into the Tom Living Trust. Then he and Martha would sign a Grant Deed which took the house from the Tom and Martha Living Trust and gave it to the Tom Living Trust. If the co-trustee is deceased, the vesting of the home need not be changed. The Trust agreement should contain language that leaves control of the trust with the surviving trustee.
Can you sell a home that is in an irrevocable Trust?
You need to review the language in the document that created the trust for your answer. ALL the provisions of a trust and the powers of the trustee must be set forth in the trust document. You would be looking for the section dealing with trustees powers and under that the power to sell and convey real estate.
Conservator for your mother and her trustee refuses to sign her home out of trust how can the trust be revoked?
You need to consult with an attorney who can review the terms of the trust. Your mother removed her real estate from her estate. Trust law is extremely complicated and there are many types of trusts. You need an expert to review the situation and take the matter to court if necessary.
Can you get a home equity line of credit if you are the trustee of the home and the is paid for?
Yes.
Can someone with life estate keep the one out that the house was left to?
No....If the home was in a irrevocable or trust life estate and that person died or in the case of the irrevocable trust there still alive and your the benaficairy the trustee can keep you out, but eventually depending on what the terms of the estate are turn the trust or estate over to you. Seek the advice of a probate attorney.
