Ok Its Time To Cashout My Subto Deal Now What?
Ok I have the home in a trust. I have the benificial intrest in the trust. My title compnay is telling me that they have to make the checkout to the trust. Is this true? If so how do I cash the check? Do I setup a bank acount for the trust?(what would I have to do to set this up?) Could I have my trustee cash the check?( what would they need to show the bank to get this done?) This is a situation that you never here talked about so I must be missing something.
Any help would be great.
Ron
To try is to struggle so just do it!!
What title company are you using?
downriver title. Do you have one that are investor freindly in our area?
The week before closing, desolve the trust and take the deed back into your name. Register the deed and tell the closing atty to make the check out to you.
Trusts are good for holding title, but not necessarily for doing transactions. Congrats on getting cashed out. Let us know how the numbers worked for you.
Peter
If You've used a standard Trustdeed, it is perfectly acceptable for you to request the Title Company to make the check out to "John Smith, Trustee, the ABC Trust".
That should solve the problem.
[addsig]
Try Wilson Title Company in Wayne county.
248-968-2500. I am not sure if you will run into the same problems but they are investor friendly.