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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Purchase and Certification of Trust Posted by linda - CA on May 22, 2003 at 9:59 AM Hi Ward, We're trying to purchase our first rental and want to hold it in a THT. We will be the trustees and beneficaries for this trust. If I understand it correctly, the trustee in a THT does not have the power to do anything without the approval of the beneficiaries. In the certification of trust, question #4 asks whether the trustee has the power to sell, convey or exchange and whether the trustee has the power to borrow money and encumber property with a deed of trust. The lender, Washington Mutual, says that we've to answer "yes" otherwise we can't sign the loan papers (kinda made sense to me). My question is: Should we answer yes to that question, and will it matter later since we would like to transfer our beneficial interest to our LLC? If we answer yes, will our transfer of beneficial interest be valid? Thanks so much!!! Follow Ups: Hide behind your trustee.. Ward-CA- 10:11 PM, 05/23/03 (3) Re: Hide behind your trustee.. jenv 6:32 PM, 06/23/03 (1) Wish me luck... Ward-CA- 0:27 AM, 06/24/03 (0) Re: Hide behind your trustee.. SeanW 8:27 AM, 05/24/03 (0) Re: Purchase and Certification of Trust SeanW 11:34 AM, 05/22/03 (2) Re: Purchase and Certification of Trust Jk 0:17 AM, 05/23/03 (1) Re: Purchase and Certification of Trust Gary 11:51 AM, 05/23/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi Ward, : We're trying to purchase our first rental and want to hold it in a THT. We will be the trustees and beneficaries for this trust. If I understand it correctly, the trustee in a THT does not have the power to do anything without the approval of the beneficiaries. In the certification of trust, question #4 asks whether the trustee has the power to sell, convey or exchange and whether the trustee has the power to borrow money and encumber property with a deed of trust. The lender, Washington Mutual, says that we've to answer "yes" otherwise we can't sign the loan papers (kinda made sense to me). : My question is: Should we answer yes to that question, and will it matter later since we would like to transfer our beneficial interest to our LLC? If we answer yes, will our transfer of beneficial interest be valid? : Thanks so much!!! 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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