My husband and I ar going to buy a house. Hopefully if all goes well We can be in in the next couple of months. We have been waiting for a family to deal with their lawyer to put the home in a trust before selling it. Does anyone see or know of any potential hazzerds to look out for? what about our financing, anyone see problems due to the family trust?
2007-08-24 12:31:48 · 4 answers · asked by j_lynn_griff 3 in Business & Finance ➔ Renting & Real Estate
Since you are the buyer and the mortgage will be your mortgage there should not be any problem for you with your financing regarding the trust situation of the seller.
If you use a Realtor to write the purchase offer, it will be addressed that the seller has to deliver a free and clean Title 5 days prior to closing. The Title Company will do a Titel Search to make sure that there are not liens or other issues with the Title. And they will issue a Title Insurance Policy to you. You should also have a home inspection done and make the purchase offer contingent on Home Inspection to your satisfaction. The purchase offer should be also made contingent to you be able to obtain financing for this property.
If there should be a problem with home inspection outcome, financing issues or titel problems you can either walk away from the contract, ask the seller to take care about those issues. or re negotiate the price.
2007-08-24 13:54:36 · answer #1 · answered by Monika Wilson 4 · 0⤊ 0⤋
I foresee no Problem if there is One Trustee, now if you have 2+ Trustees then they all have to agree on the price and when this happens its usually driven by greed.. I say if you like the Property in question that much Still write your contract....
Good Luck!!!
2007-08-24 20:29:16 · answer #2 · answered by coldwellbanker_michael 2 · 0⤊ 0⤋
The only issue with trusts that I have run into is getting everyone to agree and sign.
2007-08-24 19:39:00 · answer #3 · answered by godged 7 · 1⤊ 0⤋
If you put your home in a trust you may have trouble refinancing.
2007-08-24 19:46:33 · answer #4 · answered by shipwreck 7 · 0⤊ 0⤋