Deed of Trust

Archive for September, 2009

Question: when does a Deed of Trust become active or valid?

My sister had my mother sign over the Deed of Trust to her property in the hospital the day before my mom passed away. A notary was called to the hospital by my sister to notarize the signature. I was not aware of any of this until weeks after my mom's passing. My mom signed the deed in front of the notary at the hospital on August 19, she passed away the next morning on August 20, the need was filed at the Register of Deeds office on August 21. Is this deed or transfer of property to my sister valid since it was not filed until the day after my mom passed away.
I don't know if it matters or not but my sister had temporary power of attorney for my mom's affairs at this time due to a long illness my mom had been suffering with.

Answer: Deeds are valid so long as the signatures of all parties named on the documents are on the documents and they have been notarized. In Illinois, recording the deeds don't validate them. It's highly recommended as it will make the deeds easier to track down when recorded rather than trying to figure out who might have possession of the document. Is your mother's estate in probate? If so, and you are in disagreement with what your sister has done or have suspicions that other things were done without your knowledge, as a next of kin, you can present your concerns to the probate court. Your best course would be to contact and estate attorney.

3. California Trust Deed Investing: Who Borrowers Hard Money?

Question: Fee simple definition?

Im transfering deed ownership for my home from a partnership to a trust.. The county clerks office expressed the term Fee Simple in its paperwork does this term defines across all types of ownership ie persons, corps,partnership trust etc? or only pertained to a person?

Answer: The two most common forms of ownership are Fee Simple Leasehold. Fee Simple is most common and does apply to any owner crossing all types of ownership as you have stated. Lenders prefer this type of ownership to lend against.

Leasehold is where a person has paid for the right to occupy the land and/or building for a period of time (extended). Leaseholds can be bought & sold but the tenant remains for the duration of the lease.

Simon says... Update your Family Trust for Bamford

How to explain a deed in lieu of foreclosure?

Most real estate investors find it difficult to explain what a deed in lieu of foreclosure is to their clients, especially during difficult time like foreclosure.

What is the concept of deed in lieu of foreclosure?

The concept of a deed in lieu of foreclosure is simple, but the words are of course tricky and sound too much like legal-ese to a layman homeowner.

While real estate professionals hear the term and instantly know that it means for the bank to accept the property back instead of foreclosing the hard way, a homeowner will likely scratch his head and wonder what going to the bathroom has to do with it.

What is the best way to explain deed in lieu of foreclosure?

The best way to explain a deed in lieu of foreclosure to a homeowner is to simply say that the bank doesn't want to wait to take your property legally, so if you hand it over now, then they'll be nice.

I once had to explain that to a little old lady who was born in the house she was being foreclosed on a 68 years of age. Even the word foreclosure made her eyes start to gloss over, but as soon as I said that they bank will play nice if you hand it over sooner, she smiled and immediately knew what it meant.