Buyer/Seller Using A Trust

A copy of the Trust Agreement must be reviewed prior to closing.  We need to review the document to verify a few items;  namely:  the Name of the Official Trust, a list of the Trustees who must sign, any clauses within the trust which may allow or prohibit the conveyance, sale or transfer of title to real property etc.

A complete copy of the trust is not necessary to keep in our file.  Usually we review the trust in it’s entirety and then make copies of certain portions of it which provide evidence on how to prepare our closing documents.

Another item to remember is that if the property is vested (owned) in a Trust the individuals actually don’t own it, it’s owned by the trust.  Therefore, a Power of Attorney cannot be used in the file to convey title etc.

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