How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask David L Your Own Question
David L
David L, Lawyer
Category: Real Estate Law
Satisfied Customers: 3255
Experience:  Attorney licensed in multiple jurisdictions.
11661736
Type Your Real Estate Law Question Here...
David L is online now
A new question is answered every 9 seconds

I am the attorney-in-fact mother. Her Revocable Trust owns

Customer Question

I am the attorney-in-fact for my mother. Her Revocable Trust owns property in Ohio and we want to sell it but we could only do a land contract with the note due within 3 years, no problem. My mother needs the money now ($42K) and cannot afford to carry a note. I am willing to put $42K into her account and try to work the deal myself (theoretically purchasing the house from her) In order to avoid tons of closing costs for my purchase and the final sale of the property, could her Trust continue to be the owner and the payments for the property made out to me?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  David L replied 1 year ago.

Hi and thanks for asking your question. As long as your are using your trustee powers or attorney-in-fact powers for your mother's benefit, it would seem you could structure this in some fashion. You would essentially be the lender in the transaction between her and the buyer.

Expert:  David L replied 1 year ago.

Your mother would be the seller, the buyer would purchase from your mother, and you would be the lender to the buyer. You could make the buyer signed loan documents - including a mortgage. In the event the buyer defaults on your loan, you would have the power to foreclose.

Related Real Estate Law Questions