How to Sell a San Diego House Held in a Trust
If the San Diego house you inherited is held in a trust, you will need to work with the trustee to sell it. For the most part, selling a San Diego house held in a trust is not much different from selling a house that you own outright.
The sale of an inherited San Diego house in a trust can be accomplished in one of two ways. The first method is for the trustee to conduct the sale of the property; the proceeds then become assets of the trust. Another option is for the trustee to transfer title of the property to your name so that you can sell the property yourself.
Selling the San Diego House Held in a Trust via a Trustee
Step 1
Review the trust documents to verify that the trustee has the power to sell the property. Typically, a provision granting the trustee the power to sell will be included in the trust document. If no power is explicitly granted, most courts will agree that the power is implied unless stated otherwise within the trust document.
As a San Diego probate and trust real estate expert, I help Executors, Administrators and Trustees every day. For example, I recently helped David, who was appointed as Trustee of a close friend’s house in Bonita. David and I where introduced to each other by the attorney who had drafted the trust documents prior to the decedent’s passing. Because the Bonita real estate was held within the trust, David had full authority to make decisions regarding the disposition of the house. My first recommendation was to have the property cleaned, including the windows (an often overlooked detail!) I organized some touch-up of the paint and then my team staged the vacant house.
The staging started in the kitchen, positioning a few pretty items on the countertops, putting place settings at the bar, and adding bar stools. We also brought in living room and dining room furnishings. Then we staged the master bedroom and both bathrooms. This helps buyers to see how furnishings will fit in the space because “buyers can only see what is, not what it can be.” I know that statistically San Diego real estate that is staged sells quicker and ultimately for more money. My purpose is for my clients to be outrageously happy with the help I provide and, when the San Diego real estate sells quickly for a great price, my clients are happy!
David was extremely pleased. Once we began working together, the house was prepared, marketed and sold in less than 45 days. This allowed David to move on to the next step in settling his friend’s estate by distributing the proceeds per the decedent’s wishes.
Step 2
Direct the trustee to hire a San Diego probate real estate expert, like me, who will list the house for sale. The real estate agent will need to see the trust documents to confirm that the house can be sold and that the trustee is authorized to conduct the sale.
Step 3
The San Diego probate real estate expert will then provide a copy of the trust to the title company to validate that the trustee is identified as such by the trust document. In addition to the trust document, the title company may also require a Certification of Trust signed by the trust attorney, a death certificate of the trust creator, and a tax ID number.
Step 4
The final step is the closing of the San Diego purchase agreement with the buyer. This requires the signature of the trustee. Funds from the sale become assets of the trust, which the trustee can then distribute to you or leave in the trust account for safekeeping.
Selling the San Diego House Without the Trustee
Step 1
Review the trust documents to ensure that no provisions exist that prevent the trustee from transferring title of the property to your name. If no restrictions exist, the trustee has the discretionary power to transfer the asset to the beneficiary.
Step 2
Request that the trustee transfer title of the property to your name. While the trustee has the power to do so, the trustee is not required to. It is up to the trustee to determine the best course of action for the San Diego trust.
Step 3
Transfer the deed of trust for the San Diego property into your name. This step requires the cooperation of the trustee. The trustee must prepare a deed form that transfers the property from the trust to your name. The trustee files the completed deed with the local property office to make it official.
Step 4
Hire a San Diego Probate real estate agent like myself to sell your house. Proceeds from the sale will go directly to you since you hold title to the property.
