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Titled to "Trustee" who has passed away2019-01-10T12:38:56+00:00

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  • Josh
    Participant
    Post count: 3

    Hello,

    I’m looking at a parcel whose owner has passed away. In 1991, the deed was transferred from “Owner” to “Owner – Trustee.”

    If I’m dealing with the Trustee of her trust, will he be able to sign the deed? What other documentation would I need to complete this transaction?

    Thanks in advance,
    Josh

    Kevin Farrell
    Moderator
    Post count: 827

    Josh – Yes, usually the Trustee has rights to buy and sell real property. To be on the safe side it is best to request a copy of the trust document and make sure the named trustee is the person you are dealing with. I have purchased from a lot of trusts. The Grantor is something like: The Smith Family Trust. Under the signature block write: John Smith, Trustee. John Smith will sign on that line and the Notary will notarize his signature.

    Very important – The vesting deed must be in the name of the Trust. It must say that the property was conveyed to The Smith Family Trust as Grantee. I talk to people all the time who tell me that Grandma left that property in her will for me. But the deed was never changed to a trust or an heir. They can’t sell it because they don’t own it. Always make sure that you are talking to the owner. Many people think they own land when they do not. You job is to verify ownership.

    Josh
    Participant
    Post count: 3

    Thanks for the reply!

    In this case, even though the vesting deed does seem to be in order, 7 years have passed since the death of the original person. I’m not comfortable doing the work to verify all the details of the trust so I’m going to let this one pass.

    I did also get a call yesterday from a woman whose father’s name was on a deed which was not even mentioned in the will. All kinds of red flags – I told her right away that until the deed was transferred to a living person, we couldn’t complete any sale.

    Kevin Farrell
    Moderator
    Post count: 827

    Josh – If it looks tricky then skip it. Definitely skip the second one. You can three more deals in the time it will take you to struggle with that one and it still may never close.

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