When reviewing listing or going to open homes in San Francisco’s Parkside district you may have noticed for than the occasional “trust sale.” Researching this I have found that over17% of the current homes for sale or those that have sold in the last two years are trust sales. Trust sales occur when an owner of a home has taken the legal steps to include their home in a trust along with other assets of their estate. One of the main purposes of this is so that in the event of the death of the owner, a method for handling the estate is automatically in place. One of the main features of the Trust is the Trustee. This is the person assigned by the owner to oversee and take responsibility of the estate including the deceased person’s real estate holdings. Making an offer and purchasing a home that is a trust, pretty much can go smoothly, and along a similar timeline as a regular sale. There are some disclosures that the Owner/Trustee is exempt form providing to prospective buyers such as the Real Estate Transfer Disclosure Statement. Items such as RETDS are exempt from disclosure because they are disclosed by the Seller, but the seller of course has passed away so this is impossible. In the event a Trust was legally set forth by the Seller at the time of death, a Probate Sale would occur.  

For more information on this Topic or to discuss another question or concern give me a call:

 

Rob Moffatt

415 744 4038

Pacific Union Real Estate

DRE# 01786315

 
 


Comments




Leave a Reply

    Rob Moffatt

     

    Picture

    Got Questions? Contact me now.  

    Archives

    September 2009
    August 2009

    RSS Feed