Minnesota Land Trust: Seasoning and Documents

Minnesota Short Sale Homes

This article comes from Mario, and agent, who has done a lot of mn short sale homes

The deed into the trust is not recorded until the day of closing. So although a deed transfers ownership rights (whether recorded or not) you cant transfer it twice. So when i am first getting docs
signed i do have them sign the deed and get it notarized but I dont record it until the day of closing. I have the closer record it with all the other docs she is overnighting to the county.
both the trust buying from the seller and end buyer buying from trust must happen on the same day. In order to avoid any confusion when the end buyer is getting financing lined up (because they will not see the name of the trust on title or tax records but will see the trustee on the
executed pa) i will tell the end buyers agent or the buyer that we have very RECENTLY deeded the property into a trust to avoid having liens put against the property before the closing and tell them that is why a
trustee executed the pa and is now in charge of managing the sale of the property. Although there is nothing wrong with it, if you have read any of my other posts you will know how I feel about this but, most agents dont understand real estate if it is not the most simple structure
and a lot of advanced investors dont even understand trusts so you want to keep things as simple to understand as possible for them to avoid confusion and having to over explain everything for an hour.
This is probably the most confusing part for people because they are used to hearing about “subject to” deals where they walk away with a deed and go to record it and then can go sell it when ever they want. Its a little different because of the seller’s lender’s guidelines in the short sale approval letter.
Hope that helps. let me know if you have anymore questions.

Ron did a longer more detailed article at this link for minnesota short sale

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