A trust is an agreement that allows a third party to hold assets on the behalf of one or more beneficiaries. Trusts were created in the 1960s as a way to buy real estate portfolios. For many years, trusts were used for the sole purpose of buying and holding real estate, however, they now serve many purposes. Individuals and companies alike have realized that creating trusts helps prevent their assets from going into probate.
Among the many benefits of a real estate trust is the fact that the owner may buy and/or hold real estate anonymously without losing tax benefits and control of the property. Trusts can provide owners an important tool in estate planning. As a full service escrow company, New Era can provide the expertise needed in conducting a trust escrow transaction.
Just a handful of states including California, allow land trusts which grant limited duties and powers. A land trust is a land ownership agreement that allows the trustee to hold equitable and legal title of the real estate while the trust beneficiary retains the power to direct the trustee, draw income, and manage the real estate. Land trusts are created with a deed and the trust agreement itself. Land trusts offer several unique advantages, including the fact that interest is not subject to partition and it may be used as collateral to avoid the probate process.
Trust escrow transactions are often complex. At New Era Escrow, our escrow officers have decades of experience handling every detail of these complicated transactions. Our trust escrow services include:
Turn to the escrow professionals at New Era Escrow for the experience and knowledge you need to avoid potential legal mistakes and costly errors when it comes to a trust purchase transactions. Our team of experienced escrow officers will manage every detail of the land trust in order to minimize risk and provide a successful closing.