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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Selling out of a trust... Posted by Ward-CA- on May 08, 2003 at 9:19 PM In Reply to: ABI's and Escrow posted by Pam on May 07, 2003 at 1:50 PM : I put an investment property in a trust with myself as trustee. When I sell the property and go thru escrow, does the escrow officer need to see the Assignment of BI, or is that always kept private? (I know it's never recorded) : Is the transfer tax I will be paying when I sell the property based on my transfer (as trustee) to the new buyer, or is it based on the transfer evidenced by the ABI? Thanks for clearing this up. Pam, I’m assuming that you will be selling the property out of the trust by using a grant deed transferring the title out of the trust and putting it directly into the buyer’s name. If that’s true all the escrow officer will want is a Certification of Trust bearing the notarized signature of the trustee. The escrow officer will calculate the amount of the transfer tax. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I put an investment property in a trust with myself as trustee. When I sell the property and go thru escrow, does the escrow officer need to see the Assignment of BI, or is that always kept private? (I know it's never recorded) : : Is the transfer tax I will be paying when I sell the property based on my transfer (as trustee) to the new buyer, or is it based on the transfer evidenced by the ABI? Thanks for clearing this up. : Pam, : I’m assuming that you will be selling the property out of the trust by using a grant deed transferring the title out of the trust and putting it directly into the buyer’s name. : If that’s true all the escrow officer will want is a Certification of Trust bearing the notarized signature of the trustee. : The escrow officer will calculate the amount of the transfer tax. : 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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