When closing with a land trust, using an individual as the trustee, Does that person have to show up to closing?
The trustee controls the property and must approve everything releated to the property. He doesn’t need to be at the closing, but everything that requires his signature must be notarized beforehand and that can cause a problem if something is out of order or wasn’t signed.
He is right. A Trustee does not have to be at the closing. In fact, we do not allow our Trustees to attend closings. We do not want anyone to meet or know who our Trustees are. For all information regarding Land Trusts please post another question and i will be glad to answer it. I have using Land Trusts for 30+ years and teach students all over the United States how to set up and administer their own Land Trusts.
Randy Hughes
How do you get around the requirement in some states that trusts be titled in the name of the trustee?
How are documents executed if the trustee doesn’t sign them.
Hi doese any one knows how can I get the fourms for land trust or you could send them to my email thank you
If you mean forms, you have your attorney draft them for you.
Recently I got a call from a Negotiator with B of A who demanded to know who the Trustees are on the Purchase contract.
She claims that the “seller could have set themselves up as Trustees to buy back the property at a lower price”
I told her the Trust was private and her response was - :I will close out the file if I do not get a list of the names of the trustees"
What do you do in a situation like this?
The trustee is the only person authorized to act regarding trust assets. The terms of the trust are private, but the names and permitted actions of the trustee(s) are not. The attorney who drafted the trust should have provided a certificate of trust outlining this information.
(Just saw this post) I have a better idea. Why not use one one of your corporations as trustee (or set a few up) and that way you don’t need anyone but yourself like I did. The title company will want to see the articles of incorporation because you’ll be signing your name as president which shows control and your company as trustee which means you’re the only one that has to be there.
When I close, the title company takes care of everything and will
issue my proceeds check in any name I want. They already have
the purchase and sale agreement so I give them the trust agreement.
The trustee doesn’t have to show up, just sign the documents
and have them notorized. They are signed and returned the day
before the closing. The underwriter wants “wet ink”.
It’s really a simple process. The only thing is to have the funds
directly deposited verses a check because the bank will put a hold
on it for a few days. Good luck!
P.S. Million$$$ veteran tip for you…get a land trust agreement FREE
from the title company. They’ll usually have several in stock. It’s best
to work with the types of documents the title company are already familar with.