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Buying or Selling a Home/Purchasing a home from a trust
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Question
Is it possible to purchase a home that is in trust? I have the opportunity to buy a home from the sole trustee, but he has no money to pay the legal fees to get the home transferred into his name. Is there a specific type of document that you would suggest for accomplishing this process?
As long as he is the trustee of that trust, Bruce, he should have no problem transfering the property to the buyer. The buyer simply signs a purchase agreement as he would if he was buying it from a regular person or persons. The trustee signs the acceptance (Jim Jones, trustee for the Jim Jones Trust) and then you take it to a closing agent, title company or attorney to close and transfer title depending on the regulations of the state in which the property is located. It is taken care of from there. They will ask for any documents or signatures. I do wish you well.
Dick Dennis dixiedee13@aol.com
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Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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