Selling a house is always a tricky situation. However, it can be even more complicated if your house is in a trust. You’ll have to deal with different legal issues, and you may want to end the process as quickly as possible. Still, you’ll see that not every offer will benefit you.
The most important thing you have to do is be informed; this is essential because you must make smart moves during the selling process. You can learn more about the matter here, so keep reading!
First Things First: What Is A Trust?
A trust is a legal entity that owns assets for the benefit of a third party. The trustee is the one who manages the property, and the beneficiaries are the ones who receive the benefits of ownership.
So, if you want to sell your house, you’ll have to work with the trustee. This can be very inconvenient because they’re usually very busy people. Moreover, you’ll have to get their approval to sell the property; if they disagree with your decision, you won’t be able to go through with the sale.
3 Situations In Which Selling A House That’s In A Trust Can Get Tricky
1) Selling A House Inherited In A Trust
In this case, the trustee is in charge of transferring the trust’s assets to the designated beneficiaries.
They’ll often work with a lawyer to draft a Trustee’s Deed, which gives the beneficiary ownership instead of the trust. As a result, if you inherited a house in a trust, you can probably sell it immediately.
2) Selling A House In A Revocable Trust As The Grantor
If you’re the grantor of a revocable trust, you may be able to sell the property without the trustee’s approval. However, you’ll still need to follow the terms of the trust. You have two choices for selling the house if you’re the grantor of a revocable trust:
- As the trustee, sell the house and maintain the proceeds in the trust.
- Transfer the property’s title to your name and sell it as your own.
Selling a home in a revocable trust is relatively simple in both scenarios. If you sell the house as the trustee, you’ll need to check with the title firm to make sure the trust is still valid before closing. You can skip that step if you first change the title to your name.
3) Selling A House In An Irrevocable Trust As The Grantor
If you’re the grantor of an irrevocable trust, it can’t be changed or terminated without the beneficiaries’ approval. You have two choices if you intend to sell your house in this situation:
- With the beneficiaries’ consent, break the trust
- Maintain the trust and sell the house
If you break the trust, you can reclaim the title and sell the property under your own name. On the other hand, you’ll have to sell the house to the trustee if you want to keep the trust intact.
An amazing way to sell your house fast after everything’s ready is to contact people who buy houses or “cash home buyers.” They’ll buy your house as-is for a fair price and close on the date of your choice. You won’t have to worry about making repairs or finding a real estate agent.
Get The Best Assistance In Columbus, OH, By Working With P3 Real Property Group
If you want to sell your house fast, companies that buy houses in any condition can help you. At P3 Real Property Group, we buy houses in Columbus, OH. We’re a family-owned business, and we’re dedicated to helping people who need to sell their homes fast for cash.
Let go of all the hassles of working with realtors, making repairs, and waiting months to sell your house. We’re here to help you get rid of your property so you can move on with your life. Contact us today and let us help you!