Land Trusts and Title Seasoning - Posted by

Posted by William Bronchick on September 26, 2003 at 10:31:30:

If you owned the property, the transfer it to trust and remained beneficiary, this should not create a title seasoning issue. It may require a letter of explanation to the buyer’s lender. However, if the buyer is going FHA, a sale within 3 months could create a problem…

Land Trusts and Title Seasoning - Posted by

Posted by 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?