Land Trusts and Title Seasoning - Posted by email@example.com
Posted by firstname.lastname@example.org on September 26, 2003 at 10:24:48:
Good morning. I have a question regarding land trusts and title seasoning. If a property is transferred to a land trust, will there be title seasoning issues when the property is sold?
I very recently “acquired” a property subject to via a land trust. The transfer happened less than three weeks ago. I put the property on the market to be sold. I found a buyer. I have been working with a mortgage broker to get the buyer financed. The mortgage broker asked me how long have I owned the property. I stated the property was in trust and I am the trustee and I have a POA. I said the property was transferred less than a month ago. She said there may be an title seasoning issue.
What do you guys think? Should there be an issue?