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Renee
Michigan
549 Posts |
 Posted - 06/11/2009 : 12:06:05 PM
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How they construct their signature verbiage is entirely up to the lender and the title agent. It can be "John Smith, ttee", or "John Smith, Trustee" or "John Smith, Trustee for the John Smith Irrevocable Living Trust dated Sept. 12, 1974" and anything in-between.
You ask whomever hires you to please provide the EXACT verbiage they need with the signatures. Same with a POA.
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n/a
Michigan
3 Posts |
Posted - 06/11/2009 : 05:31:33 AM
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Thank you so much, Renee for this information. Its very detailed and I needed that. I was a little down when I didn't get the assignment because I am a new agent (haven't had any signings yet)and an anxious to get started. I guess its difficult when some want experience, but I'm unable to get any. (I'm sorry for blabbering)Would you moind sharing with me, Renee, exactly how the signer would sign? The client made reference to "as trustee for....living trust...etc." She spoke so fast, I wasn' able to write it all down.Thank you, again
quote:
Originally posted by Renee
Hi, Luciana - all this means is that the property is vested/owned by the borrower's Trust. When someone puts something 'in' a Trust, that something is technically owned BY "The Trust" and not by the people as individuals.
Some lenders require the property to be taken out of the Trust before they'll lend on it - what that means is the Lender wants to lend to people as individuals, and wants the property securing that loan to be owned solely by those individuals. Effectively, the Trust deeds the property to the individuals, who then get the loan/mortgage (and then, most of the time, deed it right back to the Trust).
This lender does not care, is going to lend with the property held IN the Trust - it is the Trust that owns it, and those who are authorized within the Trust to sign FOR the Trust will execute the loan documents. Since they are signing for the Trust, they will sign their name, then the word "Trustee".
Sometimes you will pick up documents, but NOT usually. Usually, the title agent & lender have reviewed the Trust already, usually it's already recorded at the county and on record. Either way - all you need to know is precisely what the caller told you - it's IN a Trust, staying in the Trust, they're signing as Trustee.
You ID the individuals - you don't ID "the Trust".
Hope this helps?
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Renee
Michigan
549 Posts |
Posted - 06/10/2009 : 1:53:36 PM
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Hi, Luciana - all this means is that the property is vested/owned by the borrower's Trust. When someone puts something 'in' a Trust, that something is technically owned BY "The Trust" and not by the people as individuals.
Some lenders require the property to be taken out of the Trust before they'll lend on it - what that means is the Lender wants to lend to people as individuals, and wants the property securing that loan to be owned solely by those individuals. Effectively, the Trust deeds the property to the individuals, who then get the loan/mortgage (and then, most of the time, deed it right back to the Trust).
This lender does not care, is going to lend with the property held IN the Trust - it is the Trust that owns it, and those who are authorized within the Trust to sign FOR the Trust will execute the loan documents. Since they are signing for the Trust, they will sign their name, then the word "Trustee".
Sometimes you will pick up documents, but NOT usually. Usually, the title agent & lender have reviewed the Trust already, usually it's already recorded at the county and on record. Either way - all you need to know is precisely what the caller told you - it's IN a Trust, staying in the Trust, they're signing as Trustee.
You ID the individuals - you don't ID "the Trust".
Hope this helps? |
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n/a
Michigan
3 Posts |
Posted - 06/10/2009 : 1:01:52 PM
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Hi, Carmen,
Please help me understand what to sign in trust means, please. I just had a company call me to do a re-fi, but once they found that I had not closed one o/this type before, they decided to continue to search for an agent. While on the call, the young lady spoke really quickly about what it meant, but, she did speak quickly. What I did catch was that the way the signer would be signing is the key. She mentioned that they would be signing as trustee.... and I couldn't capture the rest. I would really appreciate it if youcould help me understand this process so that I may better understand the next time I'm presented w/such an opportunity and hopefully, can convince the client that I can handle it.
Thank you in advance for your time |
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Signing in Trust
