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In today’s world of busy probate courts and exorbitant death taxes, the living trust has become a common manner of holding title to real property. The following may help you understand a few of the requirements of the title insurance industry if title to property is conveyed to the trustee of a living trust.
An agreement between a trustor and trustee for the trustee to hold title to and administer designated assets of the trustor for the use and benefit of one or more beneficiaries.
No. The trust is an arrangement between a trustee and the trustor. Only the trustee, on behalf of the trust, may own and convey any interest in real property. The trustee may only exercise the powers granted in the trust.
A certification of trust containing the following information:
Because many different provisions may be on the same page, the answer must be no -- but if the title company requires a copy of the trust, it may accept a copy with those amounts blacked out.
Maybe. The trust must specifically provide for less than all to sign.
Only if the trust specifically provides for the appointment of an attorney-in-fact.
If the trustor is not able to do so, or the trust provisions prohibit the trustor from appointing a new trustee, the court may do so.
Title is vested in the trustee. Hence, if the trustee is an individual or a corporation, then the new general form of acknowledgment will be prepared to reflect the intrinsic nature of the trustee.
“John Doe and Mary Doe, as trustees of the Doe family trust, under declaration of trust dated January 1,1992.”
Yes, the trustee is limited principally and most importantly by the provisions of the trust and, thus, may only act within the terms of the trust. The probate code contains general powers which, unless limited by the trust agreement, are sufficient for title insurers to rely on for sale, conveyance, and refinance purposes.
Article by CLTA
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After moving to three states and six houses, we've worked with many real estate brokers. Greg Bennet is by far and above the Best! Greg has time to listen. Meeting in our home of 20 years on Harbor Island, Greg spent several hours discussing our plans and options. Greg was always available to promptly answer questions as they arose. Greg is a terrific problem solver. During a roof inspection issue, Greg found a roofing contractor who was able to resolve the issue in two quick days. When we mistakenly left some things behind in our move from SC, Greg kindly mailed them to our new home in Virginia. Greg is a broker who goes beyond the sale! As a professional Greg’s honesty and integrity are to be admired. We are grateful to have had Greg Bennett , an outstanding real estate broker, sell our home on Harbor Island. We are blessed to know Greg, an exceptional, remarkable man.
Ellen Roberts & Steve Kotowicz, Farmville, VAAs a property owner on Harbor Island since 1993, I had known Greg since 1998 . He has always been the "GO TO" Realtor on the island .
Greg had a wonderful online Marketing Plan , he made the showing process very easy and relatively stress free. When I started getting offers on my Condo he did everything in his power to get me the highest possible price. I am deeply grateful to him for being so kind and patient while guiding me through the sale of a place that was a huge piece of my heart. He understood how distraught I was and went above and beyond to make the process as easy as possible. I am fortunate to have had a person I consider a friend as well as an excellent realtor.
If you want a Realtor that will look out for your best interest throughout the entire process, work to get you the highest price possible, keep you well informed, and negotiate on your behalf then call Greg today.
Sandy Stewart"Early last fall my husband and I relocated to Beaufort from Massachusetts. Initially, we rented an apartment to allow us time to ensure that Beaufort was, in fact, where we wanted to live. We spent the next six months touring all of the surrounding area and quickly decided that our choice to call Beaufort home was the right choice for us.
But, our truly good fortune occurred when we contacted Beaufort Realty Consultants.
We had the good fortune to speak with Abbigail "Abbi" Moeller.
We discussed with her a few properties we were interested in as well as what our "wishes and desires" for a new home. She immediately set up showings for us.
Upon meeting Abbi we were both struck by her charming, pleasant and calm demeanor, something essential in today's "crazy real estate market".
Within short order we came to realize how tremendously knowledgeable with the area, especially Beaufort, Abbi was. Her subtle advice and recommendations made our search so much easier.
In no time flat Abbi found us the perfect home!
Immediately she connected us with the "perfect mortgage lender", perfect inspectors, and excellent contractors for any and all of our needs. Through all of this, Abbi always remained calm and supportive.
And to this day she is still assisting with recommendations on local service providers!!!
Abbi was more than our real estate agent, she is someone who we think of as a friend."
THINKING OF SELLING? REQUEST YOUR FREE QUICK OVER-THE-NET HOME VALUATION - or Call: (843) 521-2022
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