Lease/Purchase and Trustee - Posted by Mark (tampa)

Real Estate Investing
#1

Posted by B.L.Renfrow on November 05, 2000 at 10:43:13:

Since the trust is the owner of the property, lease, rental or purchase agreements would be with the trust, with your wife signing as trustee, NOT as the individual seller herself. Thus, the landlord would be “The 123 Main Street Trust”.

Bronchick recommends the following wording following the trustee’s signature in such a situation:

“____________, as Trustee, and not personally, of the Trust named above. All parties dealing with said Trustee shall look solely to the assets of the trust.”

In fact, I have a rubber stamp with that wording, which is stamped after the signature on agreements requiring a trustee’s signature.

Brian (NY)

#2

Lease/Purchase and Trustee - Posted by Mark (tampa)

Posted by Mark (tampa) on November 05, 2000 at 09:10:40:

Tomorrow we are finalizing paperwork for a Lease/Purchase to a Tenant/Buyer. The property was deeded into a Trust by the original owner with my wife as trustee, and then the beneficial interest was conveyed to me.

I am asuming when we fill out and sign the sales contract my wife as trustee will have her name as the (SELLER) … am I correct? or should it say (TRUSTEE)behind her name. The same goes for the rental agreement…it should be her name in all of the LANDLORD areas…correct?

Also one other question…in a subdivision with HomeOwner Association fees every year…who should pay…Landlord or Tenant. Thanks

Mark