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Morristown TN Real Estate For Sale ~ Title Insurance Requirements for Insuring Trusts!!!
Title Insurance Requirements for Insuring TrustsIn today’s world of busy probate courts and exorbitant death taxes, the living trust has become a common manner of holding title to real property. The following may help you understand a few of the requirements of the title insurance industry if title to property is conveyed to the trustee of a living trust.
What is a trust?An agreement between a trustor and trustee for the trustee to hold title to and administer designated assets of the trustor for the use and benefit of one or more beneficiaries.
Can a trust itself acquire and convey interests in real property?No. The trust is an arrangement between a trustee and the trustor. Only the trustee, on behalf of the trust, may own and convey any interest in real property. The trustee may only exercise the powers granted in the trust.
What will the title company require if a trustee holds the title to the property which is part of the trust?A certification of trust containing the following information:
Date of execution of the trust instrument, Identity of the trustor and trustee, Powers of the trustee, Identity of person with power to revoke trust, if any, Signature authority of the trustees, Manner ... more
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