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No, as a general rule.
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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.
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.
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.
Do you have to pay capital gains tax on property inherited from a trust?
No. Capital gain tax is a tax that is assessed when an asset is sold. The passing of an asset by inheritance (one received by the laws of intestacy when a decedent dies without a will) or an asset distributed from a trust does not constitute a sale; thus, the tax is not triggered. The tax is triggered when the property, inherited from a decedent or as a distribution from the trust, is sold. Assets owned by a decedent (or his revocable trust) get a new basis when the decedent dies, equal to the asset's value as of the date of death. If you sell the asset for more than the basis, then the tax is payable on the sale price, minus the basis. On the other hand, if an asset is owned by a trust, is sold by the trust, and proceeds are received by the trust, the trust must pay the capital gain tax.
When you refinance a property does the original basis change?
The original loan amount, interest rate, program, etc will change if you decided to refinance a property. A new deed of trust is recorded with all changes made. Veronica Rodrigues Voyage Home Loans
Is it possible to get a mortgage loan in the name of a Revocable Trust where the original trustee has died and the trust says that it now reverts to an irrevocable trust?
There should be a provision in the trust for the appointment of a successor trustee. A trust cannot act, it needs a trustee (think human being) to act for it. The new trustee can apply for the mortgage. The bank will want to review the trust to make certain that the trust is valid and the title to the real property is in the trust.For example, the mortgagor would be Kathryn Stewart, as trustee of the Norwattuck Mountain Trust. Any real property conveyed to the trust should be conveyed to the trustee as stated above.
Can a lien be placed on house after it is put up for sale?
Yes. A lien can be recorded against real property right up until the moment the new deed is recorded transferring the property to the new owner.Yes. A lien can be recorded against real property right up until the moment the new deed is recorded transferring the property to the new owner.Yes. A lien can be recorded against real property right up until the moment the new deed is recorded transferring the property to the new owner.Yes. A lien can be recorded against real property right up until the moment the new deed is recorded transferring the property to the new owner.
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.
What is the difference between the drafting and conveyancing?
Drafting involves the writing of documents. Conveyancing is the transfer of real property by deed to a new owner.Drafting involves the writing of documents. Conveyancing is the transfer of real property by deed to a new owner.Drafting involves the writing of documents. Conveyancing is the transfer of real property by deed to a new owner.Drafting involves the writing of documents. Conveyancing is the transfer of real property by deed to a new owner.
How does the beneficiary of a will prove to renters that he is the legal owner of the property?
In order for title to real property to pass to the beneficiary legally, the estate must be probated. The "beneficiary" needs to provide proof to the tenants that they are the new owner of the property. The beneficiary's source of title is the probated will filed in probate court. If the beneficiary wants to have the property conveyed to her/him by deed, that can be arranged through the attorney who handled the estate. A letter from the attorney who handled the estate would be the appropriate way to notify the tenants of the new ownership. In fact, the tenants should have some official notification of the change in ownership so they know they are paying their rent to the right party. You should discuss this matter with the attorney who handled the estate and get some legal advice about your new role as a landlord.
If a house was transferred to a living trust can it be sold?
You need to check the document that created the trust to find your answer. All the provisions of a trust and the powers of the trustee are set forth in that trust document. It creates a self governing entity. The trustee can only perform the functions set forth in the declaration. If the trustee has the power to sell real estate the trustee can execute a deed that conveys the property to a new owner. If there is no power in the trustee to transfer real estate explicitly recited in the trust document, then you will need to petition a court to issue a license to sell the real estate or reform the trust to include a power of sale.
Can the executor sell property without all beneficiaries approval in New York state?
No, the executor cannot sell property that is in a trust.First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.No, the executor cannot sell property that is in a trust. First, if the property is owned by a trust then it is not part of the estate and is not under the control of the executor.Second, the property is under the control of the trustee of the trust who must manage the property according to the provisions set forth in the document that created the trust. You need to review that trust document and look for provisions regarding the sale of property.The same person can hold several positions but their position as executor of an estate is separate from their position as the trustee of a trust. As an executor they cannot sell property that was placed in a trust by the decedent.
