0
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.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
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.
How can you buy a house after it has been foreclosed and not sold at auction?
You can contact the lender or lien holder who foreclosed on the property and make your offer to them.
Can a house in a life estate be sold?
Generally a life estate entitles the beneficiary to all property rights except the right to sell or otherwise transfer the fee in the property. It cannot be defeated by the conveyance of the property. If the house was sold the buyer would acquire it subject to the life estate. If the life estate holder desires to relinquish the life estate in order to sell the property then she/he may join in the deed of conveyance and the life estate will end.
Where can one find a house for sale by owner?
There are many places a person may find a house for sale by owner. The location of these properties varies by state. An individual may check their local real estate classified advertisements for homes that are being sold be the owner. A person may also check on Craigslist for homes for sale by the owner.
What is the past tense of sold?
'sold' is already past tense. Present tense is 'sell'.
What do you do when you die on sims?
I think your house get sold if you are the only one living in it.
Can you sell land out of a revocable trust?
Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.Yes, as long as the trust was properly drafted the trust property can be sold by the trustee of the trust.
How do you replace a Trustee of a living Trust?
AnswerYou must review the document that created the trust to determine how a trustee can be removed and how a replacement can be appointed. If that provision is missing from the trust then the matter must be brought before a court and a judge must make the necessary modifications to the trust. This is especially important when the trust owns real estate. All the powers of the trustees and the provisions for managing the trust must be set forth in the trust document in order to pass clear title when the trust property is sold or transferred. You should consult with an attorney who can review the trust and explain your options. Trusts should always be drafted by an attorney who specializes in trust law.
Can a trust property be sold is there a grant of probate issued?
If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.If the property is in a trust it is not in a person's estate and it can managed or sold according to the provisions of the trust. You need to review the trust document.
Mike hires Candy a real estate broker to sell his house The house burns down before being sold The existing agency agreement is likely?
Mike should have insurance on his house until the house is transferred to a new owner.
What was Estelle's reason for selling the house?
Estelle sold the house because she needed to downsize to a smaller and more manageable living space.
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.
Is a lien the same as a claim?
A lien is a claim against the value of property, such as a house or a car. The property cannot legally be sold or transferred without settling the lien.
What are the capital gains tax advantages to selling a primary residence held by a living trust if it is sold while the Trustee is still living?
The question is ambiguous, but generally, there is no particular advantage to capital gains for a trust v. an individual. It's still the same rate.
What is Marc rich's address?
he is living in Meggen (CH) but recently sold his house at the Vierwaldstaettersee recently (2012)
My late father's trust provides that his house will be sold in 1 year and the proceeds split among his 6 children. Only I have the right to live in it until then. How do I make the others move out?
If they have been living in the house you ned to give them notice to move out. You should consult with an attorney in your area who specializes in probate and real estate law. She/he can review your situation and explain your options. You will need an attorney to represent you when the house is sold. The attorney can help you serve legal notice to your other family members that they must move out. A copy of the trust can be attached. Let the attorney guide you.
What is a living trust template?
A living trust template is a pre-designed document that outlines the terms and conditions of a living trust. It typically includes sections for naming beneficiaries, designating a successor trustee, and outlining how assets should be managed and distributed. These templates can be customized to fit individual needs and are often used as a starting point for creating a legally binding living trust.
