Legal Question in Real Estate Law in Missouri
Titles in Trust Name
My parents own a home, the title was in their trust name, both parents trustees. Trust doc stipulates upon death of trustee the other is sole trustee. Father has passed. Mother wants to refinance the loan, what will be the new registration in title and what documents are necessary to close?
1 Answer from Attorneys
Re: Titles in Trust Name
From the info in your question, my response would be that the Trust owns the property. The death of the father does not effect the ownership. Accordingly, if the Trust could refinance in the first place then nothing has changed. However, I am also assuming that a lender will require the loan to at least be guaranteed by a human being. the documents required for closing will be determined and prepared in most cases by the lender or the lender's agent.
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