If you are working with a Trust that is buying or selling real estate it is imperative that you understand that a Trust cannot own real estate in the name of the Trust. The property is owned by the Trustee in the name of the Trust. For example, the owner would be shown as “John Doe as Trustee of the Jane Doe Family Trust dated October 1, 2018.”
This is important because when you enter into a Exclusive Right to Sell Agreement or Buyer Agency Agreement with a consumer, the party must be shown in this manner. The Trustee would sign the agreement as “John Doe, Trustee.”
If you do not execute the documents in this manner you may have an invalid agreement.
BLAIR CATO congrats Cynthia Blair. Tomorrow in Los Angeles, Cynthia will be sworn in as President of the American Land Title Association (ALTA). ALTA seeks to improve industry oversight and protect consumers in the real estate transaction. You are probably familiar with ALTA settlement statements, surveys and title insurance documents. We are very proud of Cynthia and her commitment to the industry.