Posted by Shoshana/AZ on 2/19/11 11:36pm
Msg #373447

A Question Re: Affidavit of Property Value

I already emailed title on this one.
Here's a doozey:
This is a refi. Wife as trustee is quit claiming property to herself as trustee and her husband as an individual.
On the Affidavit of Property Value is the wife the seller and the husband and wife the buyers? I presume I should answer the relationship question as yes because they are related. The relationship would then be husband and wife.
TIA

Reply by PAW on 2/20/11 6:48am
Msg #373453

From what you said, "Wife as trustee", I would say the Trust is the grantor/seller (with the wife as trustee) and the Trust and husband are the grantee/buyers. The relationship is not of husband and wife, but as Trustee and a married man.

IMHO, the trust should be absolved before the transactions, or the husband added to the Trust as a trustee. If the trust is absolved, then the property can be transferred from the Trustee (wife) to the husband and wife, as individuals, not trustees, which then would have the relationship as husband and wife.

Note: I base my answers on Florida property laws and practices. This may or may not be similar to your situation.

Reply by Shoshana/AZ on 2/20/11 7:01am
Msg #373455

Thanks Paul. Although she takes title as trustee on first page of the DOT, she doesn't sign that way on the signature page. Go figure. Guess I'll have to wait for title to get back to me.