Legal Question in Wills and Trusts in California
I'm selling a single family home to my tenant in California which I have Grant Deeded to our Living Trust. As a Trustee of the Trust, I plan to self finance the buyer and hold the first mortgage.
QUESTION:
A. Can I sell the real estate property as the Trustee of the Trust or do I have to Deed the property back to our names as individuals to sell?
B. Since we are going to self Finance the loan, we fell the loan shall be in the name of the Trust as the loan will most likely will extend past the life of the present trustees. Presently, we do not have a Bank relationship with the Trust, only personal accounts. Should we set up a Trust Bank account to receive the loan payments and will it be mandatory to do a DBA as the Trust and file for a tax I.D. number for the Trust?
1 Answer from Attorneys
You can deed to the buyer as Trustee.
You should get a title company or real estate lawyer to help you with the Deed of Trust, which should indeed be in your name as Trustee of your living trust. Should not need a new tax ID- use SS#
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