Bank acting as CUSTODIAN

Bank acting as CUSTODIAN

What does it mean for a BANK to be acting as "CUSTODIAN" of a property.

Who actually owns the property? Who does a potential BUYER negotate with.

Thanks!

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firmoffer

firmoffer wrote:
What does it mean for a BANK to be acting as "CUSTODIAN" of a property.

Who actually owns the property? Who does a potential BUYER negotate with.

Thanks!

The Bank, acting as Custodian of your assets, will provide the following services:

a. Hold all of your assets in safekeeping

b. Collect all income

c. Make periodic distributions of income to you

d. Make investment recommendations

e. Prepare complete accountings

f. Prepare year-end tax information

Sounds like you could contact the bank to find out who to negotiate with... Although I don't know that for certain.
Elena Laughing out loud

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Cool Elena Cool
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."


that answer is correct

and usually the bank will have a specific person to talk to at the bank for that property. You see this alot in probate cases where th person died and left mno will and has multiple heirs or in cases of divorce

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Anita
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TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


Hmmmmmm

Interesting, very interesting! Sounds like a good lead firmoffer!

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Cool Elena Cool
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."


Bank acting as Custodian

The Custodian role sounds similar to a TRUST.

Would the BANK make the final call on asking price? How much control does the "trustee" have, if they are indeed compes mentes?

thank you !!


Hello Anita

If you are indeed the same Anita as on the phone call, I want to tell you how awesome you are! Clear headed and so informative.

Thank you for sharing your knowledge and experience so coherently.


Thank You

I really appreciate the kind sentiments and I hope I can help you in any way I can - just ASK...lol.

Me and a lot of others will do our best to offer any positive advice we can to assist you in your REI journey.

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"