Posted by B.L.Renfrow on February 28, 2001 at 23:29:14:
True, the deed is recorded in the trustee’s name, but nowhere is MY name associated with the trustee – except on the assignment of beneficial interest.
I have this paranoia – maybe justified, maybe not – about some seller having second thoughts down the road, going to the clerk’s office and plugging my trustee’s name into the computer, or taking all the documents to his attorney…who then ends up searching the public records for my trustee’s name, and comes up with a bunch, since I use the same trustee for several deals. Although I always explain to my sellers who “John Doe as Trustee” is when they sign the documents, you can bet they’re not going to remember that trustee’s name down the road.
As it stands now, no one besides me and my attorney know who my trustee is, and I don’t really want that name floating around in the public domain, associated with my name. But then, I probably should be using a corporate entity for my trustee anyway.
subject to / Trust - simple question(I think) - Posted by Dan(FL)
Posted by Dan(FL) on February 27, 2001 at 22:13:38:
Hello everyone,
My question is: I purchased tonight subject to (into a Trust) using Bronchicks course. The seller asked for copies of everything. I put them off saying I didnt have a copy machine and that I would make all necessary copies tomorrow. What should they get- if anything?
Thanks to everyone. You people do a great job helping out the unsure.
Re: subject to / Trust - simple question(I think) - Posted by B.L.Renfrow
Posted by B.L.Renfrow on February 28, 2001 at 20:21:30:
Personally, I give them copies of everything EXCEPT the trust agreement and assignment of beneficial interest.
My rational is this: if they develop seller’s remorse down the road, and start running to their lawyer, I don’t want my trustee’s name to be immediately available to the world, for any busybody to start searching for in the county clerk’s office.
I have never had a seller ask for those documents. I suppose if they really wanted them, I’d give them copies, but it’s never come up.
I’m not sure whether that’s right or wrong, but that’s how I do it.
Re: subject to / Trust - simple question(I think) - Posted by Bill Gatten
Posted by Bill Gatten on February 28, 2001 at 17:29:40:
Give them copies of anything they signed, and anything that could directly affect them. Take care not to withold something that could come back to haunt you later (non-cidslcosure)…even if it would cost you the deal.
I have no problem with giving them a copy of everything they signed. Sometimes I make multiple copies and give them one to follow allong and keep until I copy the originals. As long as they sign the deed I don’t have a problem. If the want to check with their attorney beforehand then no docs and I view it as less motivated.