Posted by MDNewbie on 11/14/05 11:30am
Msg #76357

Notary test. Help please

The loan is currently in a trust and the bwrs want the loan to be solely in their name. What is required to transfer the loan out of the trust?
TIA

Reply by Art_MD on 11/14/05 11:41am
Msg #76364

Not that I would ever have to decide, but, I'll guess...

I'll assume that the it is not an irrrevokable trust. If it is - get a good lawyer!!!!

If the property is in most any other type of trust, there would have to be a agreement by the lender to change the name on the DOT and the note.

This is based on logic - not experience.

Art

P.S. Have you gotten your TPL yet? who's test is this? and why would you be taking it?

Art

Reply by MDNewbie on 11/14/05 11:53am
Msg #76366

I do have the TIP. The test is from Angels on the Run and I am signing up with them. So what would the answer be ? An Agreeement between the lender and bwrs ?
Thanks Art!

Reply by RickinVA on 11/14/05 12:11pm
Msg #76378

The ONLY reason I'm answering this is because I'd like to know for sure. If I'm wrong, SOMEone is sure to tell me, forcefully. It's MHO that all that is required is for the trustee(s) to deed it to the recipient. I don't believe the lender has anything to do with it. After all, if YOU set up a living trust, all you have to do is to deed the property to the trust. The reverse should also be true. (Revocable trust only)

Rick

Reply by Art_MD on 11/14/05 12:30pm
Msg #76388

I'm not sure if a QC deed would work. If the loan is in the name of the "Bill Jones and Sally Jones Trust", transfering the property to Bill Jones and Sally Jones may cause the loan to come due since you are changing ownership.

Art

Reply by BetsyMI on 11/14/05 12:44pm
Msg #76397

I don't even see a reason that this is on a test for a notary. It's not up to me to decide what's needed.

Reply by christiSocal on 11/14/05 1:08pm
Msg #76407

I just took the angels test last week, I don't remember that question. But I agree with Betsy, Why would a notary need to decide that? Sounds like a legal question. Dangerous water to tread.

Reply by Beth/MD on 11/14/05 2:00pm
Msg #76420

I also can't see why this would be a notary issue. Think about it. We DON'T choose the forms, we notarize them. Are am I missing a bigger picture?

Reply by PAW_Fl on 11/14/05 4:39pm
Msg #76451

Slight correction

>>> We DON'T choose the forms, we notarize them. <<<

We DON'T choose the forms, we notarize THE SIGNATURES on them.

Reply by SSEmobile on 11/14/05 5:17pm
Msg #76471

Re: Slight correction

Well, from what I know for sure .... I believe Beth and PAW got it right.

I believe what's needed in that case at the top of this thread is AN ATTORNEY.

That ain't us, ever.

And I wouldn't be notorizing this one wothout an attorney's advice.

Reply by Beth/MD on 11/14/05 5:19pm
Msg #76473

Re: Slight correction

Yes, Paul, that's what I meant.

Reply by PAW_Fl on 11/14/05 10:13pm
Msg #76572

I knew that..

Reply by TitleGalCA on 11/14/05 10:23pm
Msg #76576

MD...what is required is a deed. However it's not your responsibility as a notary to know that. What kind of a test are you taking?