Buying a house in a trust
The owner just passed away, and the house is in a trust. The house has been rented for two year, and the current tenant looks nice and cooperative (according to my agent and according to my personal experience from meeting the tenant at the house). The current tenant agrees to move out within one month from the day the offer is accepted. And my agent told me that this agreement with the tenant is in paper and can been seen after the offer is submitted.
My question is: is anything I should pay special attention, especially because it is in a trust and the current occupied by a tenant? This is my first time dealing with a trust....
Most Popular Reply
How the property is held won't affect the assignment of the lease at purchase.
Do you want the tenant?
If the tenant is willing to move out in a month after going under contract and you don't want the tenant, add a contingency that the property is vacant at closing/possession.
If you want to keep the tenant in place, renew the tenant after closing on your own lease.
That it is owned by a trust is really more of the seller's issue than yours.