Let’s talk about real estate trusts! What we need, why we need it, and what you should do if you can’t find it.
What is a Certificate of Trust?
We need a Certificate of Trust, sometimes called a Trust Certificate or Trust Certification.
A Certificate of Trust is the document that summarizes the trust. This document includes the name of the trust and who the trustees are which is paramount to the contract.
Here is what the Trust would look like. It includes:
Name of Trust: The Mary and Joe Smith Trust dated 1/1/2016 by, Mary Smith and Joe Smith, Trustees.
This Certificate of Trust is usually 1 or 2 pages that is included in the document.
What should you do if you can’t find it.
First, check with the attorney that prepared it, any other trustees, or beneficiaries. You can also get a copy from the bank that has the Trust’s account. The bank could not open the account without the Trust document. They could have a copy.
Unfortunately, legally, Without the Certificate of Trust, Onerent can’t do anything.
Why does Onerent need this?
Onerent is fully responsible for all monies collected on your behalf for your rental property. We must make sure we’re paying the right persons or entities those funds.
Who needs to sign our service agreements and contracts?
All trustees listed in the Trust needs to sign Any service agreements and or contracts. If a corporation, LLC, or partnership is a trustee, we must then see the appropriate documentation for those entities.
That’s all we need to know about your real estate trust. Once you locate your Certificate of Trust, you can forward it to your Onerent Specialist. If you have any further questions about real estate trusts, your Onerent Specialist will help you.
Thanks and welcome to the Onerent Neighborhood!