Home Buying in 95209>Question Details

Prgupta, Real Estate Pro in 95209

I wish to record a "Short Form Deed of trust and Assignment of Rents". I do not want to open escrow for this. So will the

Asked by Prgupta, 95209 Wed Dec 22, 2010

trustee=beneficiary? I saw sample forms and the trustee is always the name of the escrow company, but we do not want to open escrow. We just want to secure a private party loan against real property.

Thank you. paul.gupta@yahoo.com

Help the community by answering this question:

Answers

9
In California, the beneficiary always has the right to substitute a new trustee just before a foreclosure. It really doesn't what names appear on the form. You can do this without opening an escrow if you know what you're doing.

I don't see a problem using a form where a trustee's name has been inserted. I know title companies that provide free forms that name themselves as the trustees. Some people might for convenience refer the case to them for trustee's sales when the time comes to do the foreclosure. All you need to execute is the Substitution of Trustee to replace the existing named trustee with the one you're going to hire to do the foreclosre when you're ready to foreclose.
1 vote Thank Flag Link Tue Dec 28, 2010
Ok. Well, a beneficiary can usually serve as a trustee, as can a title company. Virtually anyone can be a trustee, but you have to think of what may happen if the trustee dies.

I hope that helps you.

Rachel LaMar
1 vote Thank Flag Link Thu Dec 23, 2010
You mention below "I want to learn something new in each transaction to better myself"--the best person to learn from in order to avoid any costly errors, is an attorney.......
0 votes Thank Flag Link Thu Dec 23, 2010
Hello folks, yes, hiring a real estate attorney is defninitely one option, but an escrow company did this for me in the past without an attorney, and I want to learn something new in each transaction to better myself.

I am the owner. I own this property free and clear. I know this form is the right one since it was used twice before to secure loans where I was the Trustor.

My question again is, in this form, there are 3 parties, the Trustor, the Trustee and the Beneficiary. Trustor = Myself, property owner, Beneficiary = who is giving me the money, and Trustee is the escrow company. What should the Trustee be if there is no escrow company?

Lets see if there are any real experts here :) I am grateful for your consideration.
0 votes Thank Flag Link Thu Dec 23, 2010
Hi Prgupta,

There seem to be a few facts missing so I am hesitant to comment on your scenario (mainly, I am not certain whether you are the owner of the property), but I would advise you to contact a real estate attorney. I have the names of a few wonderful ones if you would like. Please let me know and I will be happy to forward them to you.

Regards,

Rachel
0 votes Thank Flag Link Thu Dec 23, 2010
Why are you using a deed of trust to secure a loan?

You really should have an attorney or at least a title company assist you.

Tom
0 votes Thank Flag Link Thu Dec 23, 2010
Confused if you can provide clarity ? Are you property owner? Or buyer? Lease purchase?

IF I UNDERSTAND your question:

A property must be paid full the title can't be transfer title .

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Dec 23, 2010
In order to best protect yourself, it's really in your best interest to consult with an attorney who specializes in real estate--he/she can best advise as it relates to your specific situation.
0 votes Thank Flag Link Thu Dec 23, 2010
Good Morning Prgupta;
I would suggest hiring a local Real Estate attorney for this process.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Thu Dec 23, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer