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Are you looking for a trust specialist realtor in Newhall? A grantor establishes a living trust. This is also called an inter vivos trust. She does this during her lifetime. Also, she takes title to the property in trust. She creates directions for asset distribution. These directions specify how beneficiaries will receive assets. This happens upon her death or as otherwise stipulated. The grantor and the trustee are often the same person. The successor trustee will manage trust assets. This happens after the grantor dies. Unlike a will, property held in trust generally is not subject to the probate process.

Fewer Requirements for Disclosure

The law does not recognize a living trust as a legally recognized body. It cannot act on its own without legal action. The trustee or successor trustee holds the legal title to any property that is an asset of the trust, so the trustee must sign the contract to sell and purchase the deeds on the property.

The trustee holds the legal title. Or, the successor trustee holds it. This applies to any property that is a trust asset. Therefore, the trustee must sign the contract. The trustee must sign the purchase agreement. The trustee must also sign the property deeds. The property will be ready for sale. The trustee will then sign a listing agreement. This agreement is with a real estate broker. The purpose is to sell the property.

The broker representing the seller or trustee in a trust sale utilizes the Trust Advisory (TA) Form by the California Association of Realtors (CAR). It also tells both the buyer and seller that trust sales do not require some disclosures that sellers traditionally require. The seller may be exempt from certain disclosures. This includes the Transfer Disclosure Statement. It also includes the Natural Hazard Disclosure Statement.

Mello-Roos District Lien Disclosure Statement(s) are included as well. Also included is the Public Improvement Bond Act of 1915 Notice. The Supplemental Property Taxes Notice is included too. Finally, the Private Transfer Tax Notice is also included. These exemptions are only operative in specific circumstances. The trustee must not be an occupant. This applies to possession of the property. It must be in the previous year. You can request more information about this from any trust specialist realtor in Newhall.

The form also states something important. The seller is not free from certain duties. These are common law duties. These are also statutory duties. These relate to fraud and deceit. They also concern known material facts. These facts impact the property’s value. They also impact its desirability. The representative of the former is involved. This may be a trust specialist realtor in Newhall. Or, it could be the trustee. This representative is never above disclosing information. They must disclose what they are aware of. This applies if they know of house defects.

Why Choose Above and Beyond Real Estate?

At Above and Beyond Real Estate, we specialize in trust property sales, and you may call us to schedule a consultation with our trust specialist realtor in Newhall!

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