Home, Land, Property Buying and Selling - Selling property in a trust
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dwittnebert
05-28-09, 07:34 AM
My children want to sell property that is in a trust for them and I am the co trustee. Their father has a life estate on the property but the 4 of them wish to sell and divide the proceeds. How do we go about this? We already have a buyer. DWittnebert
TJMako
05-30-09, 10:24 AM
Hi D -
Should be simple enough if all parties are in agreement. Trusts require specific paperwork to pass clear title. You'll may also want to make sure the kids are covered from a legal standpoint, and their Father's life estate would need to be addressed also if to be maintained. If it were me, I'd go see a good real estate or a trust attorney and have them do the paperwork. Maybe the person who set up the trust would be good. If not, ask around for a local referral. You can also google your state's bar association for a couple referrals. Might be fair in this case for buyer and seller to split the cost of counsel to prepare and conduct the closing as both will benefit.
Good Luck. TJ
Should be simple enough if all parties are in agreement. Trusts require specific paperwork to pass clear title. You'll may also want to make sure the kids are covered from a legal standpoint, and their Father's life estate would need to be addressed also if to be maintained. If it were me, I'd go see a good real estate or a trust attorney and have them do the paperwork. Maybe the person who set up the trust would be good. If not, ask around for a local referral. You can also google your state's bar association for a couple referrals. Might be fair in this case for buyer and seller to split the cost of counsel to prepare and conduct the closing as both will benefit.
Good Luck. TJ