Should you sign a trust deed when selling your house in Queens? With so much paperwork to sign and complicated terminology involved in the transaction at closing, it can be confusing to understand just who signs a trust deed and when. However, holding real estate in a revocable living trust comes with many benefits, including estate tax savings, protection from creditors and avoiding probate. So read on as we explore whether or not you should sign a trust deed when selling your house in Queens. Please note that this article is for informational purposes, not financial or legal advice.
What is a Trust Deed
A trust deed is a loan on the property and a form of a promissory note and may be one of the documents involved when selling your house in Queens, depending upon current state laws, protecting a lender’s investment. While defaults on traditional mortgages must go through judicial channels, trust deeds go through a process known as non-judicial foreclosure.
Selling with a Deed of Trust
If you have a trust deed and are selling your house in Queens for less than you owe, you will need permission from the lender before the sale. While several documents are part of the process, three primary documents are involved when there is a trust deed: the deed of trust itself, the promissory note and the deed.
Who Signs a Deed of Trust
Now that you understand more about the deed of trust, we will break down just who should sign a trust deed when selling your house in Queens. There are always three parties involved: the beneficiary or lender, the trustor or borrower and the third-party trustee who holds the legal title; this is often a title company. The third-party trustee is to remain impartial, taking no actions which would benefit the trustor or the beneficiary. The third-party trustee will use the proceeds from the sale to pay off any outstanding portion of the loan, and then any remaining funds go to the borrower. Should the loan be paid entirely before the sale, the third-party trustee will dissolve the trust and transfer legal title to the borrower.
What does all this mean? The bottom line is if you are selling your house in Queens, you should never be required to sign a trust deed. Instead, when buying your next home, consider taking advantage of estate planning services that have become more accessible and affordable through various online providers that can ease the burdens of your beneficiaries at such a difficult time.
Talk to the professional buyers at Tristate Holdings 167 today if you are selling your house in Queens and have been wondering about trust deeds. Professional buyers like those at Tristate Holdings 167 will provide you with the information you need to understand your property’s current market value, detailing the expenses you can expect should you decide to list your property for sale instead of selling directly. Then, when you compare what you could profit from listing vs. our offer, which we want you to agree is fair, you can make an educated decision about what works best for your circumstances.
At Tristate Holdings 167, our professional buyers are highly educated, seasoned local investors who have built successful careers in the Queens real estate market. At Tristate Holdings 167, we’re passionate about helping our neighbors resolve any issues they have with buying or selling their homes. If listing your Queens house is best for your situation, the professional buyers at Tristate Holdings 167 will tell you so. Time is of the essence for many sellers, and if this is the case for you, you can relax knowing that you will have a guaranteed closing date. Most properties’ closings are fast, typically within a month or so. If that’s a bit too fast, speak to one of the professional buyers at Tristate Holdings 167 about picking the calendar date that works best for your upcoming move. At Tristate Holdings 167, we can even arrange to clean your property inside and out; just take what you like and leave the rest to us.
Learn More
The professional buyers at Tristate Holdings 167 understand the importance of keeping clear lines of communication, so they stop everything, listen carefully to your questions or concerns, and are happy to provide answers without obligation. You won’t feel ignored during the process because at Tristate Holdings 167, we aim to ensure you feel good about the deal long after closing. At Tristate Holdings 167, when you make a direct sale, the pros at Tristate Holdings 167 walk you through the process. The team at Tristate Holdings 167 provides all the services you need in-house at no expense, including attorneys, title and closing professionals, saving sellers like your time and money. You will pay no out-of-pocket expenses when you sell directly and won’t pay commissions, closing costs or broker fees; our offer is the amount of cash you will receive for your property as-is. If you want to learn more, call Tristate Holdings 167 Inc. at 1-(888) 788-7478.
FAQ
Maybe you have a few questions. That’s okay; most people do. So here’s a quick collection of some of the questions people ask us… along with our answers. If you still have a question, don’t hesitate to contact us (or give us a call) and we’ll be happy to answer it for you.
Q: How do you determine the price to offer on my house?
A: Great question, and we’re an open book: Our process is very straightforward. We look at the location of the property, what repairs are needed, the current condition of the property, and values of comparable houses sold in the area recently. We take many pieces of information into consideration… and come up with a fair price that works for us and works for you too.
Q: Are there any fees or commissions to work with you?
A: This is what makes us stand out from the traditional method of selling your house: There are NO fees or commissions when you sell your house to us. We’ll make you an offer, and if it’s a fit then we’ll buy your house (and we’ll often pay for the closing costs too!). No hassle. No fees. We make our money after we pay for repairs on the house (if any) and sell it for a profit (we’re taking all of the risk here on whether we can sell it for a profit or not, once we buy the house from you… the responsibility is ours and you walk away without the burden of the property and it’s payments… and often with cash in your hand).
Q: How are you different from an agent?
A: Agents list properties and hope that someone will buy them. The agent shows the properties to prospective buyers if there are any (the average time to sell a property in many markets right now is 6-12 months) and then take a percentage of the sale price if they find a buyer. Oftentimes, the agent’s commission is 3-6% of the sale price of your house (so if it’s a $100,000 house, you’ll pay between $3,000 – $6,000 in commissions to an agent). Agents provide a great service for those that can wait 6-12 months to sell and who don’t mind giving up some of that sale price to pay for the commissions. But that’s where we’re different: We’re not agents, we’re home buyers. Our company actually buys houses. We don’t list houses. Since we’re actually the one buying the house from you, and we pay with all cash… we can make a decision to buy your house within a couple days (sometimes the same day). Again, we make our living by taking the risk to buy the house with our own cash, repair the house, and market it ourselves to find a buyer (which is the hard part in this market).
Q: Is there any obligation when I submit my info?
A: There is absolutely zero obligation for you. Once you tell us a bit about your property, we’ll take a look at things, maybe set up a call with you to find out a bit more, and make you an all-cash offer that’s fair for you and fair for us. From there, it’s 100% your decision on whether or not you’d like to sell your house to us… and we won’t hassle you, won’t harass you… it’s 100% your decision and we’ll let you decide what’s right for you.
Tristate Holdings 167 is a team of Cash Home Buyers. We Buy Queens NY Houses in the following areas of Queens, New York (Astoria, Flushing, Long Island City, Forest Hills, Jackson Heights, Bayside, Sunnyside, Kew Gardens, Ridgewood, Jamaica, Woodside, Rego Park, Elmhurst, Corona, Middle Village, College Point, East Elmhurst, Ozone Park, Maspeth, Bellerose, Richmond Hill, Glendale, Rockaway, Laurelton, Springfield Gardens, Cambria Heights, Belle Harbor, Breezy Point, Floral Park, Whitestone, Douglaston, Rego Park, Rosedale, Howard Beach, Hollis, Briarwood, St. Albans, Middle Village , Woodhaven, Arverne, Jamaica Estates, Glen Oaks, Pomonok, Queens Village, Fresh Meadows, Roxbury, Meadowmere, Far Rockaway) and Brooklyn, Bronx, Staten Island, Manhattan, Long Island and other areas of New York.
The Pandemic has taken a toll on many families over the past 3 years both emotionally and financially.
Homeowners and their surviving family members have reached out to us to buy their house fast for many reasons such as: Death of the Homeowner, Loss of Job, Divorce, Cannot Afford Repairs, Pre-Foreclosure, etc….
We take pride knowing that we are helping a family get out of a temporary jam by buying their house at a Fair price. Otherwise they may have lost their house to creditors or mortgage company if we didn’t step in.
In turn by rehabbing and reselling properties we are improving communities and allowing other families the opportunity of home ownership.
Whether you are trying to avoid foreclosure, inherited a property you do not want, dealing with a divorce, or are fed up being a landlord dealing with tenants, we can help. If you need to Sell Your Queens NY House Fast, we offer Cash for Homes in Queens NY!