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  • #471

    mike dugan
    Participant
    Post count: 65

    Had a question regarding pending purchase of property from a sole trustee of a trust. On existing deed where he is the grantee, it shows this:

    The Bob Smith Revocable Living Trust, Dated June 1, 2012,
    Bob Smith, Trustee

    So I would show this under the Grantor sections, and I would be under the Grantee section, correct? Think it is this simple, but wanted to double-check. Do I need to verify he is sole trustee of this trust? If so, how do we do that?

    Finally, the deed used when sold to current owner was a quit claim deed. Do I copy this (buying in Colorado), or do I use some other type of deed?

    Mike

Viewing 7 replies - 1 through 7 (of 7 total)
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  • Claire
    Participant
    Post count: 138
    Pro

    @steven
    @jilldewit

    Hi Mike,
    Have you found anything out about purchasing from a trust? I have a possible purchase that the owner is listed as “Smith” Family Trust, but there is no other info on the deed. Should I request a copy of the actual trust or certification of trust?

    Claire

    mike dugan
    Participant
    Post count: 65

    @Claire

    I have bought 1 or 2 properties from family trusts. I always pay 5.00 or so to the county to get the existing deed once purchase price is agreed upon. This helps me to confirm correct spelling of trust name and person signing in the grantee section so I can fill in their trust name/signing member info in the grantor section on the new deed and not have any issues with county.

    At this point, I think you can run into one of two scenarios. First is that person who signed for the trust when they purchased land is available and is going to be person signing for the trust when they sell to you. I feel a certain level of confidence with this scenario. A person might try to sell you something they really don’t have authority to sell, but I think they would be careful to make sure they have things right when they are purchasing. So if person who signed during purchase is same who is going to sign as seller, this (for my level of risk tolerance) is enough for a low priced transaction. I asked for the trust documents, but didn’t push.

    Scenario 2 would be person who signed for trust when trust purchased the property isn’t the person who is going to sign when property is sold to you. I think I would insist on trust documents at that point, regardless of transaction price.

    I have heard that some counties may actually need the trust documents along with deed so they can confirm signer’s right to do the transaction, but county I worked in didn’t require this. You may want to check on this for your county.

    Since my purchase on these were around 1200.00, and trust member who signed during purchase was going to be the same trust member signing on the sale to me, I didn’t press the issue of getting trust documents from seller. I think if I got up or above 4000 or so I would probably insist on it regardless of which scenario I am dealing with. Similiar to how we view title insurance/search…

    Again, not sure this is the right way/best way, but made sense to me!

    Hope that helps
    Mike

    Jill DeWit
    Participant
    Post count: 439
    ProAdvancedStaffPrincipal

    @lake17
    @mdugan

    Hi Claire, (and Mike thanks for great info!)

    I am completing one of these “special” ones this week. I had to make sure the wording of the Grantee (from vesting deed) is exactly the same as Grantor on the new deed I am creating. My seller has an attorney involved so they advised how I need to structure the signature. And I am mailing in all the supporting documents when recording. For this transaction it is a copy of the will and an original death certificate. Once recorded the county will send all the items back so I will return them to the seller afterward.

    IF you have any hesitation or not 100% sure you can use a title company to complete the transaction or move on to another more straight forward deal. Think about how much time this might take versus doing multiple easy ones and making more $ in the end.

    And last time I heard – you have something like 500+ deals to review? Sounds like you are doing okay. (ha ha)

    Thanks! Jill

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    @mike
    Core Logic and or Agentpro247 both offer copies of the recorded Deeds. Agentpro is about $1 per document. Was just pulling deeds today on a deal. Looked up the older ones to see the history as I was just curious. Looks like the lady’s late husband was investing in tax liens and got the property. I searched them and see that they have other properties in this county and a couple other counties I found so far too. They all transferred into the same lady’s trust at the same time. I’m drawing up a cash offer on each of them.

    It is sweet you can do this all through the county for $5 each but for $17 a month via agentpro247 you can get the deeds for about $1 each and be able to search the heck out of their data too. You also get 2000 property mailers you can make offers on formatted ready for doing mail merge mailers too.

    I’m having fun with the data in that software. Core logic is probably even more fun but more expensive too.

    Chris
    Participant
    Post count: 252
    Pro

    @Luke Smith, wow, I didn’t know you could get deeds through agent pro! I just paid $7 for a deed through the county. Good to know for future reference.

    Agentpro247 is quite the undergood and offers a LOT of value for $18 a month 🙂

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    @chris
    Pick the property, click report, select documents instead of all the other regular stuff that comes up and they show you all the documents you can download including the deeds over time. Was just looking at my neighbors mortgages. It is amazing what differences in financing deals people settle for.

    Kinda weird to have that much data publicly available. Fun too!

    Chris
    Participant
    Post count: 252
    Pro

    thanks! That’s pretty handy. I just checked and the county I pulled the deed from doesn’t have it available digitally. I think this county only has 12000 people in it!

Viewing 7 replies - 1 through 7 (of 7 total)

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