Quit Claim Deed, Trust to Individual, California

Author Message
Robert the lessor

Guest







Post Posted: Tue Jan 26, 2010 6:09 pm    Post subject: Quit Claim Deed, Trust to Individual, California
Like
Dislike

I am the successor trustee for a living revocable trust and am seeking to follow the instructions of the trust with regard to a specific property.

The trust owns a partial interest in this property (a condo) that also belongs to an individual beneficiary. So both the deed shows both the trust and the individual own this property.

The terms of the trust state that the beneficiary is to receive the trust's portion of the property, upon the death of the surviving trustor. The intent is that the beneficiary should then be the sole owner of the property.

There are no notes or lenders associated with the deed.

Is there a special rendition of the Quit Claim Deed need to accomplish this?
(for instance - this is an inheritance, so there is no consideration of value exchanged).

Thank you.
Robert

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 12157
Location: Nevada
1221.05 Dollars($)
Post Posted: Tue Jan 26, 2010 8:10 pm    Post subject:
Like
Dislike

Hi Robert,

This is a legal issue and I would suggest you to contact your real estate attorney in this matter. He would let you know whether or not you would be able to accomplish this with the help of a quit claim deed.

Thanks
Robert the lessor

Guest







Post Posted: Tue Jan 26, 2010 9:37 pm    Post subject: Quit Claim Deed, Trust to Individual, California
Like
Dislike

Thank you kindly for your consideration. I'll certainly consider the use of an attorney. But perhaps I muddied the waters a bit much.
Boiled down to the essential elements, there are 2 trusted parties on a deed and one needs to be removed. I believe that can be accomplished with a Quit Claim deed. Does anyone know of any potential pitfalls with that approach? It doesn't seem like it should be that complicated just because one of the parties is a trust.
Any thoughts?
All times are GMT - 7 Hours
Page 1 of 1

 

Page loaded in 0.433 seconds.