Home Selling in Los Angeles>Question Details

I Don't Know…, Renter in Ottawa, Toledo, OH

Hopefully someone has dealt with this before...I have a client who has recently taken over as a trustee on behalf of a family member...

Asked by I Don't Know Anything, Ottawa, Toledo, OH Mon Feb 21, 2011

when listing the property, is it wise or mandatory to still list the "owner" on the agreement, or will the Trustee name suffice all legal docs?...NOTE...this is the first home i'm selling, i work independently...so please no answers that say consult with my firm, or ask your broker....its just me!

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7
John Barry’s answer
The owner of the property should be listed as the trust itself, regardless of who the trustees are. The previous trustee was not the owner - the actual trust is the owner. The new trustee would sign their name and add ", trustee" or ", successor trustee" depending on the provisions of the trust and what their actual capacity is. Hope this helps - good luck...

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
1 vote Thank Flag Link Mon Feb 21, 2011
Two immediate resources would be either escrow or title (they both deal with trusts/trustees all the time for how to correctly phrase the designation. Or how about CAR Legal Hotline (if you are a member)? You can also try your E&O carrier--they have an interest in your doing it right, after all, they don't want you to get sued.
1 vote Thank Flag Link Tue Feb 22, 2011
New To The Game:

You have good answers below. You may also consider establishing a relationship with a local escrow/title company in your area in order talk about your specific situation and ask for suggestions as well. I’m sure they would be happy to help you.

Best, Steve
1 vote Thank Flag Link Mon Feb 21, 2011
I'm listing a home in the same way. The Trustee's signature, and name of owner, are on the listing aggreement as "Trustee for Joseph Smith" and then I'll print the name of the owner and also the trustee's name. It's best to have more, than less,

congrats on your first listing, you'll do great!
1 vote Thank Flag Link Mon Feb 21, 2011
Great answers below.... took the words right from my fingertips....
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Tue Feb 22, 2011
I agree with what John said. That's the way I have always done it.
0 votes Thank Flag Link Mon Feb 21, 2011
Everyone that is on title show side the agreement..with it being a trust they must provide u a copy to verify the signers..this is a must.
0 votes Thank Flag Link Mon Feb 21, 2011
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