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House that's part of a Trust
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shellyru
LIF Adolescent
Member since 1/07 685 total posts
Name:
Michelle
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House that's part of a Trust
I am a clueless house hunter and just had a quick question that I was hoping someone on here could clear up for me. If a house is part of a trust, does it matter if that trust is revocable or irrevocable? I heard from a friend in the mortgage business that you can lose your down payment if a deal falls through with an irrevocable but I wasn't sure if that was true or how often that happens. Anyone have any insight??
Thanks!!!
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Posted 7/30/12 2:03 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: House that's part of a Trust
You need an attorney who does a lot of house closings and is familar with trusts and you need to make sure you use a good title company. Anyone else is not bound by legal information they give you. There are major differences between revocable and irrecovable trusts but how that can affect a buyer is not something I would give advice about even though I am an attorney and I have some familiarity with some types of trusts. You would also want to find out who the parties to the trust are and what they agree or don't agree on. I would't take another step without having your closing attorney lined up. People ask why attorneys charge "so much" for just a closing. Personally I think that there's not enough money in handling closings and that most closing attorneys earn more than they get.
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| Posted 7/30/12 6:28 PM |
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Re: House that's part of a Trust
Posted by Kerie-is-so-very
You need an attorney who does a lot of house closings and is familar with trusts and you need to make sure you use a good title company. Anyone else is not bound by legal information they give you. There are major differences between revocable and irrecovable trusts but how that can affect a buyer is not something I would give advice about even though I am an attorney and I have some familiarity with some types of trusts. You would also want to find out who the parties to the trust are and what they agree or don't agree on. I would't take another step without having your closing attorney lined up. People ask why attorneys charge "so much" for just a closing. Personally I think that there's not enough money in handling closings and that most closing attorneys earn more than they get.
I completely agree with Kerie! I am a realtor (and also an attorney), but we are not YOUR attorney. So your best bet would be to find a real estate attorney, if you don't have one already (you will need one to go to contract and to close), who has the requisite knowledge about trusts and your particular situation.
You really want to do your due diligence upfront with this, and not rely on what is being said by the listing agent or seller (who may or may not know what they are talking about and who may not disclose full facts). With New York real estate, other than a few mandated disclosures, it's pretty much "buyer beware" -- so the onus falls on you to do thorough research before you proceed.
Good luck!
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| Posted 7/31/12 9:07 AM |
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