Arizona
I've put an offer in on a property. In a conversation with the selling real estate agent I asked which title company which led to her mentioning that it will be a trust deed. I'm a cash buyer so there are no lenders or bank involved. I questioned the trust deed but she said it's the same as a warranty deed which I questioned (in my mind) and did some research later that day.
From what I've read, a trust deed is for a trustee to hold legal ownership, acting as a third party to another or others who have a financial interest in the property. Reading in between the lines it looks like any of the other parties can, a year down the road, put a claim against the property. Am I correct on that assumption? The recorders office lists the last deed issued in 2014 as a warranty deed but in 2016 the property went into a trust with a third party who in 2019 recorded an intent to hold a trustee sale on the parcel.
I'll know tomorrow if they accepted my offer at which point they will require a deposit to open escrow. My offer is substantial but less than the asking price or property value by a fair amount. I want the property, 4 acres, steel framed home and a 3000 sq ft steel two story shop with an apartment, both less than 15 years old. Being a car nut it's a dream home but should I back off if they won't offer me a warranty deed?
Thank you in advance for your time .. Frank
I've put an offer in on a property. In a conversation with the selling real estate agent I asked which title company which led to her mentioning that it will be a trust deed. I'm a cash buyer so there are no lenders or bank involved. I questioned the trust deed but she said it's the same as a warranty deed which I questioned (in my mind) and did some research later that day.
From what I've read, a trust deed is for a trustee to hold legal ownership, acting as a third party to another or others who have a financial interest in the property. Reading in between the lines it looks like any of the other parties can, a year down the road, put a claim against the property. Am I correct on that assumption? The recorders office lists the last deed issued in 2014 as a warranty deed but in 2016 the property went into a trust with a third party who in 2019 recorded an intent to hold a trustee sale on the parcel.
I'll know tomorrow if they accepted my offer at which point they will require a deposit to open escrow. My offer is substantial but less than the asking price or property value by a fair amount. I want the property, 4 acres, steel framed home and a 3000 sq ft steel two story shop with an apartment, both less than 15 years old. Being a car nut it's a dream home but should I back off if they won't offer me a warranty deed?
Thank you in advance for your time .. Frank