[WSBAPT] Sale of Property from a Trust

[Bickel, Dwight]

Most sales of real property by a trust require the Trustee to give notice. The requirement for the Trustee to give notice should not be an unreasonable burden.

(2) A "significant nonroutine transaction" for the purpose of this section is defined as any of the following:
(a) Any sale, option, lease, or other agreement, binding for a period of ten years or more, dealing with any interest in real estate other than real estate purchased by the trustee or a vendor's interest in a real estate contract, the value of which constitutes twenty-five percent or more of the net fair market value of trust principal at the time of the transaction

The title companies will require proof sufficient to satisfy (7) to protect the insured purchaser.

(7) Any person dealing with a trustee may rely upon the trustee's written statement that the requirements of this section have been met for a particular transaction. If a trustee gives such a statement, the transaction shall be final unless the party relying on the statement has actual knowledge that the requirements of this section have not been met.

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