Should you sign a trust deed when selling your house? With so much paperwork to sign and complicated terminology involved in the transaction at closing, it can be confusing to understand just who signs a trust deed and when. However, holding real estate in a revocable living trust comes with many benefits, including estate tax savings, protection from creditors and avoiding probate. So read on as we explore whether or not you should sign a trust deed when selling your house in Greater Cincinnati. Please note that this article is for informational purposes, not financial or legal advice.
What is a Trust Deed
A trust deed is a loan on the property and a form of a promissory note and may be one of the documents involved when selling your house in Greater Cincinnati, depending upon current state laws, protecting a lender’s investment. While defaults on traditional mortgages must go through judicial channels, trust deeds go through a process known as non-judicial foreclosure.
Selling with a Deed of Trust
If you have a trust deed and are selling your house in Greater Cincinnati for less than you owe, you will need permission from the lender before the sale. While several documents are part of the process, three primary documents are involved when there is a trust deed: the deed of trust itself, the promissory note and the deed.
Who Signs a Deed of Trust
Now that you understand more about the deed of trust, we will break down just who should sign a trust deed when selling your house in Greater Cincinnati. There are always three parties involved: the beneficiary or lender, the trustor or borrower and the third-party trustee who holds the legal title; this is often a title company. The third-party trustee is to remain impartial, taking no actions which would benefit the trustor or the beneficiary. The third-party trustee will use the proceeds from the sale to pay off any outstanding portion of the loan, and then any remaining funds go to the borrower. Should the loan be paid entirely before the sale, the third-party trustee will dissolve the trust and transfer legal title to the borrower.
What does all this mean? The bottom line is if you are selling your house in Greater Cincinnati, you should never be required to sign a trust deed. Instead, when buying your next home, consider taking advantage of estate planning services that have become more accessible and affordable through various online providers that can ease the burdens of your beneficiaries at such a difficult time.
Talk to the professional buyers at Team Sztanyo today if you are selling your house in Greater Cincinnati and have been wondering about trust deeds. Professional buyers like those at Team Sztanyo will provide you with the information you need to understand your property’s current market value, detailing the expenses you can expect should you decide to list your property for sale instead of selling directly. Then, when you compare what you could profit from listing vs. our offer, which we want you to agree is fair, you can make an educated decision about what works best for your circumstances.
At Team Sztanyo, our professional buyers are highly educated, seasoned local investors who have built successful careers in the Greater Cincinnati real estate market. At Team Sztanyo, we’re passionate about helping our neighbors resolve any issues they have with buying or selling their homes. If listing your Greater Cincinnati house is best for your situation, the professional buyers at Team Sztanyo will tell you so. Time is of the essence for many sellers, and if this is the case for you, you can relax knowing that you will have a guaranteed closing date. Most properties’ closings are fast, typically within a week or so. If that’s a bit too fast, speak to one of the professional buyers at Team Sztanyo about picking the calendar date that works best for your upcoming move. At Team Sztanyo, we can even arrange to clean your property inside and out; just take what you like and leave the rest to us.
Help in Selling Your House with Team Sztanyo
If you’re looking to sell your house, Team Sztanyo can help you sell your house for the highest price, making it effortless for you on your terms. If you don’t want to work with an agent and need to sell your house fast for cash, we can help with that too. We buy houses in Cincinnati and Northern Kentucky for cash – properties in ANY condition and can close quickly. We work with hundreds of local investors to who will rehab the property and hold as a rental or sell to another buyer. So, whether you want to list on the MLS for the most money or sell your house FAST, we can help.
Choose what’s best for you! The professional hybrid agent investors at Team Sztanyo can offer you BOTH options. At Team Sztanyo, we will run the numbers and go through everything in detail. Our goal at Team Sztanyo is to inform you of every step of the process with complete transparency. Team Sztanyo our job is to make sure you feel confident in your decision when selling your house in Greater Cincinnati.
If you have questions like: What does it mean to assign a deed of trust? What is the difference between a trustee’s deed and a deed in trust? Then Contact Team Sztanyo at (513) 813-6293 today!