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Trust termination and fee question

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This topic contains 1 reply, has 0 voices, and was last updated by Avatar of just call me rich just call me rich 11 years, 4 months ago.

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  • #4991

    When a PACTrust or NEHTrust has gone full term and either the IB or RB is prepared to buy the property, does NARS handle the closing of the trust AND the closing of the sale?

    NC is an attorney state and a real estate attorney is required for closings.[or so they would have you believe] Usually the lender will require it regardlessly. If I complete my 1st transaction, the SB may be living in ME by then, while the property is in NC.

    As I understand it, the trust has to be closed before the property can be sold, is this correct? Is this handled similar to the setting up of the trust, i.e. at the same time?

    Also concerning the retainer fee. Bill says on the documentation disk that the retainer fee is $500, but the NARS calculator says the retainer fee is $800 and the trust set up fee is $500? Since I met w/SB this weekend when no one working for NARS was available , and the most recent template [v.4.9] listed the upfront fee as $500, thats what I went with.

    I know the trust set up fee will be deducted from the total of the NARS facillitation fee when the trust is actually set up with all involve present. In this case the SB will be paying the retainer fee and I will be paying the rest, so is their contribution paid back at termination?

    Thanks in advance

    Rich

    #26489
    Avatar of joecain
    joecain
    Member

    Three separate conversations here Rich. Here goes:

    :arrow: The current most recent Proposal Template is v.4.16 and I will send to you via your listed email address. Our Doc Fees changed about one year ago (August 01, 2007, in fact) and the info on the CD you are listening to was recorded previous to that. A quick check of this Forum here in the Documentation Assistance section would have allowed you to find the correct Doc Fees to quote yo your parties. The 1% of the MAV plus $800.00 is the correct amount for the general public and non-Members. NARS Network Members pay .375% of the MAV plus $400.00.

    :arrow: The sales transaction that will likely occur after the termination and successful completion of the Trust will be a traditional real estate transaction and should follow whatever guidelines that are in place in your local jurisdiction. NARS will not be involved in this end of the transaction. The Trustee, Equity Holding Corp., as the owner of record will be involved.

    :arrow: I wish to encourage you to consider the possibility of using the Search function available on this Board. Type in a few key words and hit Search. Most of the topics and questions you have asked about in this and a couple of other posts could have been easily answered by you and a little bit of research at your convenience using the Search button. This way, your questions could have been answered at any given time of the day or night, even though our Office may be closed.

    Hoping this helps.

    #26490

    Joe,

    Yes all of this did help. And, yes, I did attempt using the search button to find answers before I posted. Unfortunately, most likely due to my own confoundness with computers in general, I was unable to find specific answers to my questions.

    I will endeavour to be more studious in the future, I’m just a ‘I need the answer yesterday’ kind of guy and seldom have patience to scroll thru every post to find what I need.

    I did receive the email, and I thought I had downloaded the most recent version of the proposal template from one of your posts not too long ago, guess I was mistaken.

    Thanks for all your help.

    Rich

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