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Can you sell a real estate property titled in trustee after owner dies?
Wiki User
∙ 10y ago
Can you sell a real estate property titled in trustee after mother and father dies
Wiki User
∙ 10y ago
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Does a settlor have to execute a deed to add property to an existing trust?
Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.
Can a loan be obtained against real estate property to initiate repairs if that property is secured in an Irrevocable Trust?
Yes. The trustee must sign the mortgage as the owner of the property.
Does a sheriff deed override a deed of trust?
Your question is complicated and needs a lot more detail for a more concise answer. Generally: A sheriff's deed is the result of a judgment lien. It indicates the land was actually siezed. It can create a cloud on the title to real estate even when recorded after the property has been conveyed if the conveyance was to avoid creditors. If it relates to a debt that was recorded prior to a mortgage in a state that uses deeds of trust for mortgages then it may override the deed of trust. If this refers to a conveyance deed to a trust and the trust was not drafted properly the real estate would be left exposed to creditors. If the debt predates the deed to the trust the sheriff's deed may override it. You may need to pay off the lien to remove the cloud on the title. You should have the situation reviewed by an attorney who specializes in real estate law. If the siezure was "good" the interest on the debt adds up quickly causing the pay back amount to grow. In Massachusetts the interest allowed is 12 percent.
How is the real estate trust registered as owner?
The legal owner of the property must transfer the property by deed to the trustee of the trust. That should only be done by a professional who is familiar with both trust law and conveyancing in your jurisdiction.
How can real estate be removed from a trust?
You need to review the provisions in the document that created the trust to determine if the trustee has the authority to sell or transfer real estate. The trustee holds title to the trust property. If the power to sell is recited in the trust the trustee can execute a deed to transfer the property to a new owner. If the power to sell is not recited in the trust then you will need a court order to transfer title.
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.
Can trustees sell property without sole beneficiary's approval?
You need to provide more details regarding the nature of the trust. Generally, if there is a trustee involved then title to the real estate is in the trust and not what you refer to as the "owner". The trust is the owner. The trustee powers are set forth in the document that created the trust. You need to review those provisions to ascertain the powers of the trustee for selling real estate.
Can a trustee get a loan on the property held in trust to pay off heirs?
Trustee is not the owner of the property and hence he will have no right to sell the property held under trust.
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.
How do you remove a trust from a deed?
The trust document should have a provision by which the trustee can transfer the property. You must follow the provisions in the trust for transfer by the trustee. Generally, in order to remove real property from a trust the trustee must execute a deed that conveys the property to a new owner.
Can a real estate agent who is selling a property be the owner of the property?
Yes in many cases they are the owner of the property which they are selling.
Who pays the property taxes on life estate?
The owner of the life estate.
