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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Title holding trust question.... Posted by Ward-CA- on June 02, 2003 at 5:53 PM In Reply to: title holding trust posted by Camille Calenda on June 02, 2003 at 3:52 PM : Hi Ward-- : We sold a property that was in a title holding trust (trust name PS, LLC as trustee of the West Trust dated Jan. 15, 2003) but we are carrying a 20K note & deed of trust on the property...would the lender be the same as the trust name above? My concern is that the title holding trust will remain open and we are not holding title anymore. Do we close the trust and open a different type of trust to receive payments on the note or is it okay the way it is? : Thank you! : Camille =•=•=•=•=•=•=•=•=•=•= Camille, (1) Did you sell the property out of the trust—where the trust was the seller and the buyers were individuals? OR, (2) Did you sell them the beneficial interest in the trust via an Assignment of Beneficial Interest in Trust and then deed the trusteeship to their designated successor trustee? If you did the transaction as described in (1) then your existing trust would carry back the $20 K owing by the individual buyers. So the beneficiary on the recorded carry-back trust deed would be your trust (ie “PS, LLC as trustee of the West Trust, dated January 15, 2003”). Your right, your trust doesn’t own the real property anymore, but it would own the 20K note and deed of trust in its place. However, if you sold the buyers the beneficial interest in your West Trust then they’d be owners of the West Trust. In that instance you’d carry back the $20K in the name of a different trust you own. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward-- : : We sold a property that was in a title holding trust (trust name PS, LLC as trustee of the West Trust dated Jan. 15, 2003) but we are carrying a 20K note & deed of trust on the property...would the lender be the same as the trust name above? My concern is that the title holding trust will remain open and we are not holding title anymore. Do we close the trust and open a different type of trust to receive payments on the note or is it okay the way it is? : : Thank you! : : Camille : =•=•=•=•=•=•=•=•=•=•= : Camille, : (1) Did you sell the property out of the trust—where the trust was the seller and the buyers were individuals? : OR, : (2) Did you sell them the beneficial interest in the trust via an Assignment of Beneficial Interest in Trust and then deed the trusteeship to their designated successor trustee? : If you did the transaction as described in (1) then your existing trust would carry back the $20 K owing by the individual buyers. So the beneficiary on the recorded carry-back trust deed would be your trust (ie “PS, LLC as trustee of the West Trust, dated January 15, 2003”). Your right, your trust doesn’t own the real property anymore, but it would own the 20K note and deed of trust in its place. : However, if you sold the buyers the beneficial interest in your West Trust then they’d be owners of the West Trust. In that instance you’d carry back the $20K in the name of a different trust you own. : 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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