InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] About to make first deal - some general questions Posted by Lisa Khalaf on March 12, 2004 at 7:11 AM Hi Ward, I'm going to sign an EPA contract with a seller today and wanted to understand a few things while I have some time during the 5 day right of rescission. First off, title is held in both the husband and wife's name, but the husband passed away two years ago. 1. Do I need to fill out an Affadavit of Death in conjunction with recording my first grant deed (deeding title from owner as individual to owner as trustee of land trust)? I want to make sure the grantor vesting is correct. 2. Do I record both grant deeds (#1 described above, #2 where owner as trustee grants title to successor trustee) in escrow? Or do I record grant deed #1 first and have Grant deed #2 be recorded in Escrow a few days later? 3. Will the owner's current title insurance policy insure me as the successor trustee of the land trust I will be creating to place her property in? 4. Do I need a new title insurance policy if the owner's title is clean? What about if I intend to hold property as a rental - I imagine I would have to get my own title insurance policy. Thanks so much, Lisa Follow Ups: Need some clarification... Ward-CA- 4:19 PM, 03/13/04 (1) Re: Need some clarification... Lisa Khalaf 6:52 PM, 03/13/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi Ward, : I'm going to sign an EPA contract with a seller today and wanted to understand a few things while I have some time during the 5 day right of rescission. First off, title is held in both the husband and wife's name, but the husband passed away two years ago. : 1. Do I need to fill out an Affadavit of Death in conjunction with recording my first grant deed (deeding title from owner as individual to owner as trustee of land trust)? I want to make sure the grantor vesting is correct. : 2. Do I record both grant deeds (#1 described above, #2 where owner as trustee grants title to successor trustee) in escrow? Or do I record grant deed #1 first and have Grant deed #2 be recorded in Escrow a few days later? : 3. Will the owner's current title insurance policy insure me as the successor trustee of the land trust I will be creating to place her property in? : 4. Do I need a new title insurance policy if the owner's title is clean? What about if I intend to hold property as a rental - I imagine I would have to get my own title insurance policy. : Thanks so much, : Lisa 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2004, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455