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Yes, property held in an irrevocable trust can be sold, but the process typically requires the approval of the trustee and adherence to the terms of the trust document. The proceeds from the sale would then be managed according to the trust's stipulations. It's essential to consult with a legal or financial advisor to ensure compliance with all relevant laws and trust provisions.
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What is fractional ownership?
Fractional ownership is a term used to describe various legal and commercial arrangements whereby ownership and/or use of immovable property is acquired jointly by a group of persons and the use or income of such property is shared by them on an agreed basis. It includes such arrangements as timeshares in a resort or some other valuable asset where shares are sold such as shares in a business trust that owns commercial property.
In real estate what is the definition of off market?
The property is in escrow or sold.
What is an unreleased mortgage?
An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.An unreleased mortgage is a mortgage against a property that has been recorded in the land records for which no discharge has been recorded. In other words, it is still an outstanding lien against the property. The property cannot be sold until the mortgage is discharged.
Can real estate property be split and half of it sold when house is still mortgaged?
It all depends on the description of the property covered by the mortgage. If the entire property was described in the mortgage the bank owns an interest in it. A half cannot be sold unless the bank agrees to partially release that portion from the mortgage.It all depends on the description of the property covered by the mortgage. If the entire property was described in the mortgage the bank owns an interest in it. A half cannot be sold unless the bank agrees to partially release that portion from the mortgage.It all depends on the description of the property covered by the mortgage. If the entire property was described in the mortgage the bank owns an interest in it. A half cannot be sold unless the bank agrees to partially release that portion from the mortgage.It all depends on the description of the property covered by the mortgage. If the entire property was described in the mortgage the bank owns an interest in it. A half cannot be sold unless the bank agrees to partially release that portion from the mortgage.
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 HOA put a lien on an irrevocable trust property?
It is unlikely that an irrevocable trust gives the property any immunity from liens.AnswerYes. If the property is owned by an irrevocable trust the HOA can place a lien against the property and the trust. The HOA should research the trust so that the present trustees can be mentioned on the lien. Although debts are sometimes difficult to collect from a trust, the property cannot be sold or mortgaged unless the lien is paid.
If the property in the irrevocable trust is sold who pays the federal and state income tax?
The trustee or the administrator of the trust or the beneficiaries would be responsible for paying the taxes that may be due when the property is sold.
If timber is sold on land in irrevocable trust should it go into the irrevocable trust account?
no
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 you quit claim deed a property from an irrevocable 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.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.
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.
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.
There was no will. For property held in trust owned by three people one won't sign to sell. What can be done?
If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.If the property is owned by a trust then you need to review the document that created the trust to determine how it can be sold. Generally, the trustee can sell the property but that authority must be granted in the trust document.Note that either the property is owned by a trust or it is owned by three people. You cannot have it both ways.
If there are no funds in a trust just property how are the debts paid?
If there are no funds with which to pay the debts of the trust then the property must be sold in order to pay them.
What are beneficiaries of a trust entitled to when trust property is sold - the title to the property or only the proceeds of sale?
You must review the provision of the particular trust. All the provisions of a trust must be set forth in the instrument that created the trust.
Can the executor of a living trust refuse to pay money to beneficiaries even though all debt has been paid and there is still property to be sold?
A trustee manages the property in the trust. An executor manages the property owned by a decedent at the time of their death. You need to review the trust document to determine what the trustee must do with the trust property now that the settlor has died.
Can a house be sold with your name on the deed as co-signer?
Deeds don't have co-signers; loans have co-signers. Loan responsibility and property ownership rights are separate. If you are listed as a part-owner of a property it CAN NOT be sold without your signature on the transfer documents. If you are a co-signer on a mortgage loan but are not listed on the deed, you have no property rights unless you have rights under community property laws.
