A buddy wants me to be his trustee on a subject to deal. I think he realy screwed up.
In November 05 he had the seller sign a warranty trustee deed to me(as trustee) of the ____street trust. He just sent me the actual trust document for me to get signed and notorize. The printed date of the trust is november 05, but my notorized trustee’s signature will be in February 06. I believe he has recorded the deed.
I feel he has clouded the title by having the home deeded into a entity (trust) that did not exist at the time the deed was executed.
When he sells it in a year or two to his lease option buyer, and a new title search is done for the buyer, I do not want to be sucked into a law suit as Trustee for flawed title .
Is this a title issue ? Can the trust be executed by the trustee after the deed is executed to the trust? Is the effective date of the trust the date it is signed (executed) by the trustee or the date printed in the document heading? How big of a deal is this? What’s the cure?