In the event that the seller in a real property transaction is a
trust, the proceeds must be disbursed to the trust only; as the
payee of the proceeds must be identical to the vested owner of
record. If the seller does not have a bank account open in the
name of the trust, one will have to be opened prior to close of
escrow.
In addition, it is critical that all parties to the escrow are
cognizant that there are various types of trusts and various
powers afforded to trustees. Therefore, if asked to interpret trust
documentation, it would be wise to point them in the direction of
someone who is legally qualified to give such advice; i.e. a CPA
or attorney.
Jennifer Foster
760.705.1554
glenoaksescrow.com
trust, the proceeds must be disbursed to the trust only; as the
payee of the proceeds must be identical to the vested owner of
record. If the seller does not have a bank account open in the
name of the trust, one will have to be opened prior to close of
escrow.
In addition, it is critical that all parties to the escrow are
cognizant that there are various types of trusts and various
powers afforded to trustees. Therefore, if asked to interpret trust
documentation, it would be wise to point them in the direction of
someone who is legally qualified to give such advice; i.e. a CPA
or attorney.
Jennifer Foster
760.705.1554
glenoaksescrow.com
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