March 2008

THE ABSTRACT & TITLE COMPANIES
The Difference is Our Experience!

AS ALWAYS, THANK YOU FOR PLACING YOUR TRUST WITH ABSTRACT & TITLE.

WE TRULY APPRECIATE YOU AND YOUR BUSINESS.
Please visit us at our website:www. abstract-title.com

ESTATES, TRUSTS, LLCs’, CORPORATIONS, & POAs’
WHAT YOU NEED TO KNOW

Working with so many types of entities in real estate transactions these days, it becomes difficult to keep up with what is required on each type of transaction. In order to ensure a smooth closing, here is a quick reference sheet to help you determine which forms will be required at closing.

ESTATES – When listing a property for a deceased owner, please make sure an estate has been filed in the courts or is in the works (meaning they have talked to an attorney). We will need the name of the personal representative of the estate. Purchase agreements, etc. need to read ― Estate of __________ By: _____________, Personal Representative.‖ If an estate has not been filed yet, please provide us with the name and phone number of the attorney who will be working on the estate paperwork. *NOTE: If title to a property was held as husband and wife and one spouse has passed away, we will need the date of death of the deceased spouse for the survivor-ship clause to be included on the deed.

TRUSTS – For buyers taking title as a trust, we will need the exact trust name, trustees’ names, and date of the trust. A copy of the first page of the trust will provide this information. Please make sure the trust name is written on the purchase agreements and signed by the trustees of the trust. For example, ―John Doe and Jane Doe, Co-Trustees of the John and Jane Doe Revo-cable Trust dated January 1, 2008.‖ Buyers purchasing as a trust and sellers selling as a trust need to read this way on the purchase agreement and all documents. If the Seller is a Trust, we will need to know who the acting Trustee(s) is/are.

LLCs’ – LLC entities have MEMBERS, not presidents, vice presidents, etc. Prior to closing, we will need the resolution for the LLC stating: (1) who the members of the LLC are, (2) who has authority to sign for real estate transactions, and (3) that the subject real estate transaction has been approved by the LLC.

CORPORATIONS – Corporations have officers such as president, vice president, secre-tary, and treasurer. Prior to closing, we will need a corporate resolution stating: (1) who the offi-cers of the corporation are, (2) who has authority to sign for real estate transactions, and (3) that the subject real estate transaction has been approved by the corporation.

POAs’ – If you have a seller who is having a power of attorney sign for them at closing, please get us a copy of the POA immediately. It will need to be reviewed and approved prior to closing. If you need a POA prepared for you, one of our attorneys can have a POA prepared within a couple of hours for $50. *SPECIAL NOTE: A person appointed as a power of attorney CANNOT appoint another person as power of attorney. A new power of attorney would have to be drawn and executed by the person appointing a power of attorney.

*ADDITIONAL NOTE: If a seller appoints a power of attorney and then passes away, the power of attorney is no longer valid…it is now an estate.

Amy Hanna,
Sales Representative
317-852-0380

Beth Ford,
Sales Representative
317-507-3950

Kim Theiss,
Sales Representative
317-538-0036

Tania Burke,
Sales Assistant
317-271-0088