What does in trust mean re: property ownership
- Thread starter gkeary
- Start date
- Joined
- Aug 22, 2007
- Messages
- 304
Hi Gail,
An ownership interest `in trust` always means that the title holder, in this case the Credit Union, holds a portion of the title for someone else. Titles always have two sides to the ownership, the legal interest and the beneficial interest. In almost all cases, the person on the title is the owner of both legal and beneficial interests. You will now have to dig deeper to perhaps find out who the beneficial owner is of the Credit Union`s legal title. More importantly, is the Credit Union an owner with clear instructions about what to do with the property? If the other two owners want to sell, but the Credit Union doesn`t, for whatever reason, doesn`t have clear instructions, is slow to react to an offer or any property related questions, then, these are all items make this a more `interesting` property.
Hope this helps,
Barry
An ownership interest `in trust` always means that the title holder, in this case the Credit Union, holds a portion of the title for someone else. Titles always have two sides to the ownership, the legal interest and the beneficial interest. In almost all cases, the person on the title is the owner of both legal and beneficial interests. You will now have to dig deeper to perhaps find out who the beneficial owner is of the Credit Union`s legal title. More importantly, is the Credit Union an owner with clear instructions about what to do with the property? If the other two owners want to sell, but the Credit Union doesn`t, for whatever reason, doesn`t have clear instructions, is slow to react to an offer or any property related questions, then, these are all items make this a more `interesting` property.
Hope this helps,
Barry
- Joined
- Sep 7, 2007
- Messages
- 49
QUOTE (BarryMcGuire @ Nov 4 2009, 05:40 PM) Hi Gail,
An ownership interest `in trust` always means that the title holder, in this case the Credit Union, holds a portion of the title for someone else. Titles always have two sides to the ownership, the legal interest and the beneficial interest. In almost all cases, the person on the title is the owner of both legal and beneficial interests. You will now have to dig deeper to perhaps find out who the beneficial owner is of the Credit Union`s legal title. More importantly, is the Credit Union an owner with clear instructions about what to do with the property? If the other two owners want to sell, but the Credit Union doesn`t, for whatever reason, doesn`t have clear instructions, is slow to react to an offer or any property related questions, then, these are all items make this a more `interesting` property.
Hope this helps,
Barry
Thanks Barry. Does it make any sense that in this case the mortgage is held by CIBC? I`m really trying to figure out whether this is a property already in foreclosure or....? gk
An ownership interest `in trust` always means that the title holder, in this case the Credit Union, holds a portion of the title for someone else. Titles always have two sides to the ownership, the legal interest and the beneficial interest. In almost all cases, the person on the title is the owner of both legal and beneficial interests. You will now have to dig deeper to perhaps find out who the beneficial owner is of the Credit Union`s legal title. More importantly, is the Credit Union an owner with clear instructions about what to do with the property? If the other two owners want to sell, but the Credit Union doesn`t, for whatever reason, doesn`t have clear instructions, is slow to react to an offer or any property related questions, then, these are all items make this a more `interesting` property.
Hope this helps,
Barry
Thanks Barry. Does it make any sense that in this case the mortgage is held by CIBC? I`m really trying to figure out whether this is a property already in foreclosure or....? gk