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Question for Scott?

This topic contains 3 replies, has 0 voices, and was last updated by Avatar of flylady flylady 12 years, 4 months ago.

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  • #4488
    Avatar of flylady
    flylady
    Member

    Hi Scott,
    You did a great job at the conference.
    You discussed not having to disclose the trust itself. I have a RB trying to get refinanced as opposed to purchase my home that is in a PAC trust.

    The title company wants to see the actual trust to determine if they will do the deal. I spoke with EHC and they told me to just give the title company what they want. The certificate of trust only states that it’s in a trust. It doesn’t mention anything about the RB having a beneficial interest. What do you recommend? Thanks in advance. Tracey

    #24688
    Avatar of mtnwizard49
    mtnwizard49
    Member

    I’d check with NARS to see if they have a title company in your area that they recommend. The ONLY document I might share with them is your Verification of Data form which clearly spells out that your RB is a co-beneficiary. Good luck.

    #24689
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @flylady wrote:

    Hi Scott,
    You did a great job at the conference.
    You discussed not having to disclose the trust itself. I have a RB trying to get refinanced as opposed to purchase my home that is in a PAC trust.

    The title company wants to see the actual trust to determine if they will do the deal. I spoke with EHC and they told me to just give the title company what they want. The certificate of trust only states that it’s in a trust. It doesn’t mention anything about the RB having a beneficial interest. What do you recommend? Thanks in advance. Tracey

    Thank you very much Tracey, I enjoyed the Cruise and meeting all of you.

    I agree with Thomas at EHC. There is really no reason not to share the docs with the Title Co. at this point. The RB, as a beneficiary, has a legitimate claim of interest in the Trust in which they have Equity that can be used to reduce their Purchase or Refinance Amount. The Title Company should totally get that by reviewing the docs.

    However, if it is an issue you can always use a Title Company that understands all that and doesn’t need anything more than a Purchase Offer from the RB to the Trustee.

    If you need to use another Title Company let me know and I’ll set it up for you. We have a national deal with LandAmerica Title. Now, not all their offices are familiar with the process so we utilize their mobile notary services and close all our deals with their Utah Affiliate. It doesn’t matter where you are in the country, they will close your transaction.

    But, I really don’t see an issue at this point with providing your local Title Company with any docs. And if they don’t get it you have lots of support from EHC, NARS or Myself to help explain it to them.

    Good Luck,

    #24690
    Avatar of nmc
    nmc
    Member

    You can also find out if your state has statutes that tell the Title company that they don’t need to see the specifics of the trust, only that the Trustee has the power to Sell, lease, whatever.

    In Minnesota, the Statutes are called:
    CERTIFICATE OF TRUST (501B.56)
    AFFIDAVIT OF TRUSTEE IN REAL PROPERTY TRANSACTIONS (501B.57)

    If you know the Statutes, you could just tell them to look up those specific Statutes for directions.

    ……..Or just go with Scott’s idea

    #24691
    Avatar of flylady
    flylady
    Member

    I think that I’ll take the path of least resistance and give them what they want. If they won’t do it, then I will go with another title company. I’m in Michigan and everybody is on pins and needles these days.
    Thank you guys!

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