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Creating a new trust…some questions

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This topic contains 2 replies, has 0 voices, and was last updated by Avatar of mark cohen mark cohen 11 years, 2 months ago.

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  • #5137
    Avatar of mark cohen
    mark cohen
    Member

    My rb’s want to go forward and give me money and sign the paperwork etc. What comes first the money or the assignment of bene int., lease etc.?

    How do I check these people out before excepting their money?

    Once the paperwork is completed by NARS and I submit it to my rb’s for signatures, if they back out, do I still pay for the doc creation?

    #27150
    Avatar of joecain
    joecain
    Member

    Hello Mark -

    For a PACTrust or NEHTrust, an initial Retainer Fee of $400.00 (for NARS Network Members) or $800.00 (for the Non-Members of the general public) is paid before any Drafts Docs are generated and delivered to you. At that point, you will have full and ample opportunity to review and revise the Drafts before you request NARS to generate the Final Docs. You will also have an opportunity to show, discuss and receive revisions from your Resident Beneficiaries before we complete the transaction. In order for us to generate and deliver the signable Final Docs to you for execution, the balance due must be paid in full.

    If you wish to do a credit check, that is your choice. Some of our Clients do so. Most do not go to that extent. If your RB party had the needed closing costs and is willing to pay you, then a credit check may not be needed.

    NARS will generate the Docs after you enter the full and complete Trust info at our website at the Create a Trust button. Most of our Clients like to take in a deposit from their RB parties at least sufficient to cover the amount of Documentation, with the balance due on signing day at the latest. One other Note: NARS only wishes to receive funds in the amount owed to NARS for the Doc Fees.

    #27151
    Avatar of rick
    rick
    Participant

    Hi Joe:

    Can we have the new RB make out a check to NARS for the Doc Fees and does it have to be for the exact amount or can it be for say 1%.

    Thanks

    #27152
    Avatar of joecain
    joecain
    Member

    Hi Rick -

    Glad to have you in the conversation.

    As a general rule, the preference of NARS is to only receive funds that are due and payable to NARS. We are not a licensed escrow company and, as such, really cannot accommodate pass-thru amounts. The exception to this rule is the amount of the rebate back to a Network Member for the difference between the 1% of the MAV that we charge to the general public and the .375% we will charge a Member such as yourself. We still accommodate this and likely will for the foreseeable future.

    Most of our Clients have all checks made payable to themselves or their companies. In some instances, checks are made payable to an actual escrow or title company (as Scott Moyes has suggested in other posts), but only in those rare instances where an escrow or title company’s services are essential for your transaction. Payments to NARS are them made from these funds you have received from your Clients.

    The NARS Doc Fees, including Retainer payment, may be sent to NARS via check, although this tends to slow down the Process of Documentation. Our new Trust Documentation Manager is set up to best receive credit card payments directly or via phone conversation with one of our Office personnel. Upon the Submission of your Trust info through our website Create a Trust button, you will receive a confirmation phone call and request for payment of the Retainer Fee, which will be paid before work commences on the generation of your Draft Docs. upon completion of the Review and Revise phase and before signable Final Docs are delivered to your email IN Box, you will have the opportunity to pay the remaining final balance. This is the Policy currently in place.

    Again, great to hear from you Rick. Let me know how I can assist in your success.

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