What it is:
A trust sale means that the home is being sold by a trustee and not a private party. More often than not this is because the original homeowner has passed away, or has placed their assets in a living trust.
What it means to a buyer:
If the trustee has never occupied the property, they will not be required to offer the same disclosures as in a standard sale. We always recommend commissioning a thorough home inspection, but that goes double for trust sales.
The trustee may not be as emotionally attached to the property as a traditional owner, which could translate to them accepting a less attractive offer as the trustee may prefer to offload the property.
What to know:
- The trustee will not usually have as much knowledge of the home.
- They may not be required to give the same disclosures as a traditional owner.
- It is wise to schedule an inspection as close to the open of escrow as possible in order to address any unknown issues.
- Barring special circumstances, when a property is sold in a trust it typically proceeds like a regular sale.