Trust Sales are a unique type of property sale. There are different types of listings — Probates, REO (Real Estate Owned by Bank), Standard, Short Sales, and Trust Sales, among others. A trust sale is when the seller is not an individual, but a trust.
Trust Sales Defined
As Fidelity.com defines it: “A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.”*
In some situations, the seller might hold title to their property in the name of their trust, for example, their family trust (the Garcia Family Trust), but the trustee is occupying the property. Typically, family trusts are set up with an attorney for estate planning purposes.
Alternatively, there might have been a death of a trustee and then the trust document would explain who has the ability to sell the house on behalf of the trust. The actual trust document will outline who is the Trustee, Co-Trustee, and Successor Trustee. If you placed your property in a trust years ago, then make sure you have a copy of your trust because you will need to have that when you sell.
Finding a Real Estate Agent Who is a Trust Expert is Important
You don’t have to be an expert in trusts, but you should hire a real estate agent and brokerage with experience in Trust Sales. KALEO Real Estate Company has helped countless clients with Trust Sales. There are different disclosure requirements for different trust situations. Lucky for you, our team at the KALEO and our affiliated sister company Arc California Escrow can create a smooth, seamless escrow for you.
Whether you are moving out of state, recently inherited a property, conducting a 1031 exchange on an investment property, or just need to sell your house, we can help you with the listing or purchase of a home. It is what we do every day. Providing value and getting answers for our clients is the center of our business.
*Source: https://www.fidelity.com/life-events/estate-planning/trusts
Contact us at (626) 609-2130 or email us at Info@KALEORealEstate.com for additional information on home buying, home selling, investment properties, and real estate needs.
