owner finance: selling to a trust, who gets title until balance is paid?
I am selling my father’s estate property and the buyers want to have me carry half of the sale. The title company handling the escrow told me they would give the buyers vested title and then have the buyers sign a note for the balance and we would get a trust deed. If they defaulted on the loan the title co would foreclose on our behalf. Also, the buyers want the sale to be to a trust with them as the trustees.
However, when I read the escrow paperwork, the title company said they would be the escrow holders, not the trustee, and that they would only be responsible for the initial signing of the contract and would not be liable for any reason for the rest of the deal.
My question is: Who retains title to the property, the buyer or the seller, or the title company?
Thank you for the question. This one is really tricky and is best answered by an attorney who will personally represent you. It sounds like the title company is representing the transaction up to the closing/signing. Your own attorney will be able to review your documents and advise you in what is best.
Best of luck.