Trust Agreement – SHORT SALE 1
The trust agreement is signed between the trustees, the settlers, grantors and beneficiaries and it is acknowledged by the notary public of the state.
As per the trust agreement, it mentions that the trust has been created and the beneficiaries convey to the trustee of the property by a general warranty deed. As per this, more property can be conveyed to the trustee at a later date and the proceeds as well as the profits of that as well is to be disposed in the same way as this property which is held as per the trust agreement.
As per the trust agreement, the reason the trust has been formed is that the trustee holds full equitable as well as legal titles of the trust property till it has been disposed off or sold. The trustee is not to transact any kind of business or do any activity which is not necessary for this to be fulfilled and he or she cannot enter into any association or corporation or partnership between the beneficiaries.
The trustee is not paid a consideration for conveyance of the property. The conveyance is held and accepted by the trustee only when it is subject to easements, restrictions, liens and encumbrances against the title.
The trustee has the powers that the state grants him and as per the statutory provisions. However, when the trustee is the sole owner of the property and any other property then he shall only exercise his powers when he is authorized in writing by the beneficiaries.
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