Steps To Transfer Property From A/B Trust In Calif
What are the steps to transfer property to the benefciary/children of a a/b trust in California? The sucessor trustee is one of the children. Does one use a title company or escrow company? Or?
Tounge in cheek - One uses an attorney.
Seriously, mistakes made in trust operations and law can be very serious and costly, possibly subjecting you/others to unexpected taxes and fines if done incorrectly. Use an attorney skilled in trust formation and administrtation. I would look for one who had defended trust arrangements in court, they are more likely to be able to do this correctly.
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On 2006-02-15 12:33, yargoto wrote:
What are the steps to transfer property to the benefciary/children of a a/b trust in California? The sucessor trustee is one of the children. Does one use a title company or escrow company? Or?
Have the beneficiary or successor beneficiary if applicable, direct the trustee or successor trustee if applicable, to transfer the property via Trust Transfer Grant Deed, to whom the beneficiary desires.
Most likely the bank will go after the owner if they are inclined to do so. Your rental agreement is with the owner--not the bank. The bank may make threats against the owner and the owner may respond by trying to terminate your tenancy under terms of your rental agreement. If you have a long term lease, your position may be reasonably secure. In some states a lease even survives a foreclosure.
In Florida, the mortgage instrument prepared by an institutional investor usually include language stating that a lease is subordinate to the mortgage agreement. Therefore if the bank feels the need to foreclose on the mortgage lien your leasehold rights are subordinated to that.
[addsig]
Well I am not particularly familiar with the Michigan law but as a general rule your current occupant is a tenant not a squatter. He came into possession of the apartment as a co-tenant with his wife/friend/whatever. He can only be a squatter if he came into occupancy illegally.
The only legal way to get him out is eviction.
If the guy was not listed on her section 8 call the cops. He is trespassing if he is not on the lease or allowed to be there by section 8. In those 2 scenarios you should not have to evict him but do NOT wait a moment longer. Call the police NOW and at least file a complaint like you should have done as soon as she was arrested.
You will have to go thru the eviction process