Lisa Powers, Home Seller in Los Angeles, CA

Can a realtor sell or lease a property that's held in trust without the signed consent of all trustees?

Asked by Lisa Powers, Los Angeles, CA Sun Dec 9, 2007

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It depends on how the trust was written, plus there are many types of trusts (living revocable trust, irrevocable trust, etc.) There is a section in a trust agreement called "powers of trustee" which usually gives the details. To be sure, though the entire trust agreement should be reviewed by a licensed attorney who specializes in trust agreements.... in the state where the property is located. There may be other parts in the trust agreement that dictate under what circumstances and under which of the trustees (if more than one trustee) authority...or when one of the beneficiary's request the trustee to sell it...there are too many possibilities. Although only one, or some of the above examples may apply...without Legal advice and review of the trust by an attorney it would be inappropriate to speculate. Mike Stone 818-481-8555
1 vote Thank Flag Link Sat Feb 16, 2008
Lisa
You are asking a legal question. My suggestion would be to consult an attorney, as we are not attorneys.
From the real estate standpoint I would say that it would depend on how the trust is designed. Most real estate contracts provided by the Calif. Ass'n of Realtors of space for two parties. I went to a seminar where we learned how to have up to six people on a contract.

Technical limitations aside, working in a transaction and everytime a change is made having to obtain four or five approval makes it very cumbersome for all parties. You might want to also ask the attorney the best way to structure the trust to facilitatte what the trust wants to accomplish.

Hope this is helpful
1 vote Thank Flag Link Mon Dec 10, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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I agree with the first and second response. You should try to speak with an attorney for legal advice on this. If you had an attorney create the trust you probably should speak to them for proper advice.
0 votes Thank Flag Link Wed Dec 12, 2007
Depending on how the trust is drawn, he may need only the signature of the executor of the trust.
0 votes Thank Flag Link Mon Dec 10, 2007
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