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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Why wasn't the original buyer the trust?? Posted by Ward-CA- on April 16, 2003 at 6:28 AM In Reply to: Putting a family members property into a trust posted by Camille Calenda on April 15, 2003 at 11:33 AM : Hi Ward-- : My brother and a partner just closed on the purchase of an apartment complex and I'm putting it into a trust for them. I used your "Trust Paperwork Flowchart" to verify all the docs I needed but had a question when I got to the lender & insurance letters. Since the lender instructed the title co. at close to prepare the deed a certain way...will this letter affect the new commercial loan if I notify the bank so soon about new vesting? Or do I not send this doc since no address is changing. : And for the transfer tax on the new deed can I put " $0 Transfer to a Revocable Trust" or do you suggest something else. : Thank you, : Camille :) =•=•=•=•=•=•=•=•=•=•= Camille, I’m guessing that the purchase of the apartment complex was not tied to any foreclosure. If that’s true then it was an “ordinary” sale. If so, I wonder why wasn’t the trust employed as the original buyer of the complex? Apartment lenders are very accoustomed to lending directly to trusts, limited partnerships, LLC's, etc. Without looking at the lender’s instruction to the title company , it’s tough to tell you what effect or reaction might occur from the lender. You’ve got the transfer tax on the new deed figured out right. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward-- : : My brother and a partner just closed on the purchase of an apartment complex and I'm putting it into a trust for them. I used your "Trust Paperwork Flowchart" to verify all the docs I needed but had a question when I got to the lender & insurance letters. Since the lender instructed the title co. at close to prepare the deed a certain way...will this letter affect the new commercial loan if I notify the bank so soon about new vesting? Or do I not send this doc since no address is changing. : : And for the transfer tax on the new deed can I put " $0 Transfer to a Revocable Trust" or do you suggest something else. : : Thank you, : : Camille :) : =•=•=•=•=•=•=•=•=•=•= : Camille, : I’m guessing that the purchase of the apartment complex was not tied to any foreclosure. If that’s true then it was an “ordinary” sale. If so, I wonder why wasn’t the trust employed as the original buyer of the complex? Apartment lenders are very accoustomed to lending directly to trusts, limited partnerships, LLC's, etc. : Without looking at the lender’s instruction to the title company , it’s tough to tell you what effect or reaction might occur from the lender. : You’ve got the transfer tax on the new deed figured out right. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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