Posted by John Merchant on February 07, 2006 at 19:19:39:
Over time to get your lawyer involved.
A phone call from him/her to the title officer will probably solve this in about a minute.
BIG TRUST Problem - Posted by Terry
Posted by Terry on February 07, 2006 at 14:01:06:
Help I purchased a property in PA in a land trust the standard docs that are with the Ron legrande CD. I sold the property with no problem, now I just got a call from the title company and they have informed me that the check will be cut in the trust name. Now the trust is just on paper however I do have the notarized copy and such but it has never been recorded and I am not going to be able to cash the check. I have no idea what to do. I need the money for another settlement Thursday.
Re: Update for BIG TRUST Problem - Posted by Terry
Posted by Terry on February 09, 2006 at 04:03:13:
Thanks to every one for your great advice. Just wanted to give you an up date. The title company would not budge so I was stuck with this check. My attorney did not get it (I know I need a new attorney) So ultimately I got a EIN number from the IRS, Went to the bank Opened an account and cashed the check. The lesson learned, Reading a book and listening to a tape is just not enough. You must make sure that you know what you are doing and find competent team of pros (attorney, title company etc.) to back you up
Re: BIG TRUST Problem - Posted by Darryle-Ca
Posted by Darryle-Ca on February 08, 2006 at 01:05:01:
Take a notarized copy of the trust with you as the beneficiary/trustee to your bank and open a checking account. Next instruct the title company to wire the funds into that account. The process will take about 45 minutes.
Re: BIG TRUST Problem - Posted by Brian (UT)
Posted by Brian (UT) on February 07, 2006 at 16:19:55:
Terry
They should be cutting the check to the trustee, why aren’t they? Ask them, and then the trustee can endorse it to you.
Brian
Re: BIG TRUST Problem - Posted by Terry
Posted by Terry on February 07, 2006 at 17:50:21:
The Title company said it is just like an estate. They would not make the check out to the executor or the beneficiary?s only to the estate.The Title company said it is just like an estate. They would not make the check out to the executor or the beneficiary?s only to the estate.
May that be that big a problem because… - Posted by Rick Harmon (CA)
Posted by Rick Harmon (CA) on February 07, 2006 at 17:02:42:
I’d instruct Title to pay your “Trust” via wiring funds to:
“Your name, for further credit to”
“XYZ Trust”
“Your bank account”
“Your bank, ABA Routing #, etc.”
Re: May that be that big a problem because… - Posted by Terry
Posted by Terry on February 07, 2006 at 17:54:50:
I initially asked them to wire this into my account minus the further credit to the xyz trust and it did not work. I am not sure that I can back track at this point. The title company is being a real??.