Posted by JHyre in Ohio on August 26, 2002 at 14:28:00:
Trust law is quite local in nature - so this answer is an educated guess, as opposed to authoritative guide for your state. I’d give the assignment of beneficial interet to the title company, so they know that you are trustee and beneficiary - and that therefore haven’t to deal with anyone else, like say, the former owner. You’ll have to ask them to whom they intend to make the check.
John Hyre
Land Trust - Posted by James
Posted by James on August 26, 2002 at 11:00:11:
Just a quick question. I bought a property 2 months ago Subject too. I had seller place the property into the trust naming me as trustee and then he asigned the Benificial Interest of the Trust to Me. I have since sold the property. Took it sub2 for 55K and sold it for 84K. I have to take a 2nd for 8,400, but I am in and out. Took all the contracts to the title company. They asked me for a copy of the Trust Agreement. I have know problem with that. Now I did not give them the assignment of interest of the trust. My question is two fold, Should I give them a copy of the Assignment of Interest? and who is the check going to be made out too? Will it be made out to me as trustee or will it be name of the land trust, which I hope it is not. Thanks for replys. By the way, The seasoning issue is ok with this deal.
James