Trust

2 Replies

Hi,

I was with a seller discussing the contract that i hoped he would sign to have it under contract. He failed to disclose that the house is under a trust with the uncle given power of administration over the property. This is a temporary setback. What direction should I go in this matter? I am still faithful and optimistic that this deal will happen. I just did not expect this at a contract signing.

Any help is appreciated. Thank you

@Brandon Hamlin  

I would meet with the Trustee of the trust that owns the property.  My first question would be:  Do you have authority under the trust to sell real property?  If the answer was yes, then I would try to negotiate the deal with the Trustee and get the Trustee to sign the contract.

I assume that you will close the deal at a title company and get title insurance.  The title insurance company will review the trust and ensure that the trustee does, in fact, have authority to sell real property.

Originally posted by @John T. :
@Brandon Hamlin

I would meet with the Trustee of the trust that owns the property. My first question would be: Do you have authority under the trust to sell real property? If the answer was yes, then I would try to negotiate the deal with the Trustee and get the Trustee to sign the contract.

I assume that you will close the deal at a title company and get title insurance. The title insurance company will review the trust and ensure that the trustee does, in fact, have authority to sell real property.

Thanks for the advice, I definitely will close with a title company to ensure that said property is under a trust. Even though he should have told me this the last time we talked it was a good thing he came forward before the contract is signed. I am going to make sure anybody and everybody that have proper authority under the trust to sell the property signs the contract. This will cost a 24 hour delay but i am hopeful this will work out in the end. Thanks John T

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