• Creator
    Topic
  • #1393
    Claire
    Participant
    Post count: 138

    I need help. Here’s the deal. I have 4 properties from one “owner” but I’m a confused on the deed/title. The deed is titled “Trust Transfer Deed” but underneath that it says Grant Deed.
    Later it says,

    This is a Trust Transfer under section 62 of the Revenue and Taxation code and Grantor(s) has (have) checked the applicable exclusion:
    X Transfer to a revocable trust.

    Grantors: Augustus Smith and Cornelia Smith, husband and wife, as to an undivided one-half interest;
    Grantees: Augustus Smith and Cornelia Smith, Trustees of the Smith Family Trust dated June 21, 1997, as to an undivided one-half interest; and Chester Smith, a single man, as to an undivided one-half interest, all as tenants in common.

    ***Augustus Smith is deceased. Chester is Augustus’ brother.

    Help! Is this too complicated? Properties are 5.0 acres, 4.9 acres, 5.3 acres, and 5.0 acres, all adjoining, for $2k total.


    @jilldewit

    @stevenbutala

Viewing 1 replies (of 1 total)
  • Author
    Replies
  • Jill DeWit
    Participant
    Post count: 462

    @lake17

    @admin

    @stevenbutala

    Hmmm… I have to admit that this is one of those deals that I might pass on, simply as it could take up too much time getting it done and there may be some attorney/probate help needed.

    I would start by asking an attorney in the area/state (of the property) for guidance and see if they are truly needed (and cost). I have been lucky enough to find attorneys that have been honest and let me know about times I could get it done on my own.

    There are a number of things to consider here and the main one for me is the Tenants in Common issue. With TIC ownership, the next in line is that person’s heir – not the other tenant. This is different from Joint Tenants. So that is one issue and then we bring in a separate family member “Chester” who could decide he does not want to sell and that would ruin the whole deal. And are they sure that there are not more people involved because of some of the wording from the original deed?

    I am pretty sure you have more GREAT straight forward deals in your pipeline, Claire. Am I right?

    – Jill

Viewing 1 replies (of 1 total)
  • You must be logged in to reply to this topic.