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The Water Cooler
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How to sell land in a defunct trust?
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<blockquote data-quote="Ahall" data-source="post: 4257568" data-attributes="member: 49426"><p>There was a similar situation on my great grandmother's property.</p><p>It was a mess on a good day.</p><p>Lessons learned:</p><p></p><p></p><p>Land laws vary widely between states. They are created and changed by men, so what worked in the past may not be the right answer today.</p><p></p><p>1)Identify a local attorney that does wills, trusts, and property work in the area.</p><p></p><p>2)Read the trust documents.</p><p>3) Assess the status of the property, and get a ball-park value in your head. </p><p>If it's too far to go to do a google earth fly over and drive by. </p><p></p><p>4)Try to figure out how many other parties are involved in the sale.</p><p>Try to find out if all the parties are competent to transfer the title.</p><p></p><p>Contact the attorney and get a rough assessment of what your options are.</p><p>Remember, attorneys bill by the hour.</p><p>Go in with your records in order and keep the conversation simple and fact based. Start with a basic outline of the situation and keep it general. The attorney will ask probing questions where they need additional information to advise you.</p><p></p><p>If you don't want it, and you can't get a clean title what it's worth, find out how to get rid of it without spending additional money.</p></blockquote><p></p>
[QUOTE="Ahall, post: 4257568, member: 49426"] There was a similar situation on my great grandmother's property. It was a mess on a good day. Lessons learned: Land laws vary widely between states. They are created and changed by men, so what worked in the past may not be the right answer today. 1)Identify a local attorney that does wills, trusts, and property work in the area. 2)Read the trust documents. 3) Assess the status of the property, and get a ball-park value in your head. If it's too far to go to do a google earth fly over and drive by. 4)Try to figure out how many other parties are involved in the sale. Try to find out if all the parties are competent to transfer the title. Contact the attorney and get a rough assessment of what your options are. Remember, attorneys bill by the hour. Go in with your records in order and keep the conversation simple and fact based. Start with a basic outline of the situation and keep it general. The attorney will ask probing questions where they need additional information to advise you. If you don't want it, and you can't get a clean title what it's worth, find out how to get rid of it without spending additional money. [/QUOTE]
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