Trust Sales is another specialty that our office covers. What is a trust sale? A trust sale is the sale of a property that is held in a trust. Before addressing trust sales, it is important to understand what a trust is.
As defined by Fidelity:
“A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.”
Real estate is an asset that can be held in a trust. A trust sale is a real estate transaction in which the property being sold is held inside a trust.
The 2 types of trusts are Revocable and Irrevocable.
In layman’s terms, a revocable trust is more flexible and can be altered. An irrevocable trust is more rigid and cannot be changed. A revocable trust may let you “change your mind”, but an irrevocable trust is a more “forever” set up.
What about Living Trusts?
A living trust is just another name for a Revocable Trust. Living Trust, Revocable Living Trust, and Revocable Trust all describe the same type of trust.
Living The best way to remember that a Living Trust is a Revocable Trust is that it is Living because it can be modified or changed.
Choosing Realtors with Experience in Trust Sales
Why is it important to choose a Realtor with experience in Trust Sales? Every real estate transaction is full of contracts and disclosures that are specific to that property. Trust Sales require certain disclosures and advisories that are different from a Standard Sale.
Our brokerage KALEO Real Estate Company has helped countless clients with Trust Sales. Sometimes it is a property that was inherited and never lived in. Sometimes it is a property that is held in a trust, but the seller has lived in the property. Both are separate situations.