Can't find trustee on land trust. - Posted by AlfredaB

Posted by Fred on November 29, 2000 at 12:01:32:

You need William Gatten. Post to Wil Gatten on pact trust. She will tell you what to do.
Fred

Can’t find trustee on land trust. - Posted by AlfredaB

Posted by AlfredaB on November 29, 2000 at 11:41:37:

I bought an assignment of beneficial interest on a SFH from an investor who used a friend of his as trustee. I now have a tenant/owner who will buy within 2 years. I haven’t seen the investor nor do I know how to get in touch with the trustee. Can I change trustee to someone I know and can contact when I need to sell this home? If not, what can I do?

TIA

Re: Can’t find trustee on land trust. - Posted by Bill Gatten

Posted by Bill Gatten on December 01, 2000 at 14:14:46:

Your contract should have a provision for substituting the trustee in the event of its dissolution or dissapearance. Its usally a matter of sending a certified letter to the last known address of the named trustee, stipulating a time limit for a response, after which you will appoint another party as trustee. Depending upon how your agreement is written, you may need the help of a title attorney on this one and may need a Quiet title Action.

BTW, this is one of the primary reasons one should always appoint a relible ‘company’ rather than an individual as trustee. If your guy dies, then you will also have his Probate to contend with.

Bill

Re: Can’t find trustee on land trust. - Posted by Rookie(Nv)

Posted by Rookie(Nv) on November 29, 2000 at 23:35:34:

I believe you can “fire” the old trustee if you own 100% of benifical interest, then just appoint a new trustee of your choice.

That’s Mr. Bill Gatten at… - Posted by dewCO

Posted by dewCO on November 29, 2000 at 22:54:02:

cal-equity.com

Re: Can’t find trustee on land trust. - Posted by B.L.Renfrow

Posted by B.L.Renfrow on November 29, 2000 at 19:00:32:

I doubt you can just unilaterally change the trustee, unless you own 100% of the beneficial interest. The procedure would be set forth in the agreement establishing the trust. Is the trustee an invididual, or some other entity?

At the risk of stating the obvious, can you try harder to locate the investor from whom you purchased beneficial interest? Or, if you and the property are in the same county, go to your county clerk’s office and look up the deed. In some – though not all – states, the deed will name the trustee. Also, check where the property tax bill is sent. Usually, it’s to the trustee.

Brian (NY)