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Foreclosure Forum |
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Title ins and title holding trusts
Does conveyance of title from a person to a trustee in charge of a title holding trust owned by that person compromise the existing owner's title insurance policy? Or, would a new policy have to be written? And, to complicate it, how about when the grantor is not the resulting beneficiary. Say for example when you are purchasing a property from a seller and you don't want your name in the chain of title and you create the trust with yourself as the beneficiary and have the seller deed the title to your trustee. Or, what if the grantor is an entity at least partially controlled by you; like an LLC where you are a member. So, you have the LLC deed the property to the truste and you, as an individual, are the sole beneficiary of that trust. Does that invalidate the owner's title insurance? Or, more importantly, are there any other broader problems with these types of conveyances. Thank you for your time.
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