what does it mean when a property's "Owner & Mortgage History" rights is listed as: trustee

In General Area - Asked by Jennifer S. - Dec 3, 2014
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Answer(s)

Aurelia W.
Broker/Agent
Cerritos, CA

it means that the person who owned the building put it in a trust and can serve as trustee over the trust, and when the original trustee dies, the successor trustee appointed by the original trustee can sell the building without going through the probate court. I went through this with a residential transaction-the owner of a house put his house in a trust and when he died in 2013 the successor trustee put the house up for sale.

Dec 6, 2014
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Aurelia W.
Broker/Agent
Cerritos, CA

The term could also refer to the trustee as in trustees sale when a property is slated for foreclosure when a trust deed is executed to secure a mortgage and the buyer defaults the trustee for the lender

Dec 9, 2014
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Aurelia W.
Broker/Agent
Cerritos, CA

Accidentally hit the submit button ) the trustee can sell the property

Dec 9, 2014
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Jason Y.
Broker/Agent
Phoenix, AZ

use a title company to close and don't worry about its same as a net sale

Dec 24, 2014
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