© 2024 All rights reserved
To the closing agents handling purchases where TRSTE, LLC or Land Trust Service Corporation is named as the trustee of a land trust that is purchasing the property:
We have prepared the land trust and will ensure that it is executed at or prior to closing. Please contact us to ensure that the name that you will insured as the owner as well as the name on the deed will match the trustee and trust name and date.
Since the purchaser is the trustee of a statutory land trust, please forward to us a copy of the proposed deed for review and approval prior to closing. Please ensure that the following language is included on the deed prior to sending it to us for review:
Full power and authority is hereby granted to said Trustee named herein, pursuant to Section 689.073, Florida Statutes, either to protect, conserve, and to sell, or to lease, or to encumber, mortgage, or otherwise to manage and dispose of the real property (or any part thereof) described herein. In no case shall any party dealing with said Trustee in relation to said property, or to whom said property or any part thereof shall by conveyed, contracted to be sold, leased or mortgaged by said trustee, be obliged to see to the application of any purchase money, rent or money borrowed or advanced on said property, or be obliged to see that the terms of this trust have been complied with, or be obliged to inquire into the necessity or expediency of any act of said trustee, or be obliged or privileged to inquire into any of the terms of said trust agreement. Further all interests of the beneficiaries under the terms of the unrecorded trust agreement are hereby declared to be personal property only.
The deed is the only document we will need to review and approve prior to closing on our client’s behalf. Please do not send us any other communications regarding this closing, as they will only be ignored.
If you send us any documents to execute in relation to the closing, please note that:
To closing agents who are handling the sale or transfer of a property from TRSTE, LLC or Land Trust Service Corporation as trustee, please coordinate directly with our Trust Administrator. Please contact us as early in the process as possible to ensure that there will be a company manager available on your closing date to execute the documents.
The 1099-S for the closing will be issued directly to the beneficiary of the land trust as the land trust is a pass-through entity disregarded by the IRS for tax purposes. Our Trust Administrator will be able to provide you with the beneficiary’s name, address, and tax identification number.
Funds from the closing will, when necessary, be disbursed directly to the beneficiary rather than to TRSTE, LLC or Land Trust Service Corportation. We can provide you with disbursement instructions separately when needed.
We are not permitted to execute any documents without written authorization from the beneficiaries. The form to give us such direction is located under the link for “Forms” on the left-hand side of this web page.
You will need to collect our trustee fees on the settlement statement. Our fees are outlined on the “Fees” page of this website as well, but we will provide you with the exact amount due prior to closing.
Please send a return FedEx or UPS overnight label with your documents that you need us to execute for the sale or transfer. We will send you an electronic copy of the documents prior to shipping them, but we must have a label to return the physical originals to your office.
© 2024 All rights reserved