The Trust Review Process
Understanding the legal clearance required to sell a trust-held property in Leisure World.
If the unit is in a Trust, the seller must get trust approval from the LW attorney. Because Leisure World operates as a Stock Cooperative, the Mutual must be absolutely certain they are transferring stock at the direction of the legally authorized individual. This document states who is legally permitted to sign documents concerning the sale of the unit.
How the Process Works
1. Gather Your Documents
If you are the trustee with legal authority, you must submit specific documents to begin. This package must include a complete copy of the Trust, any amendments to the Trust, your Stock Certificate (front and back), your Membership Certificate (front and back), and a death certificate if applicable.
2. Submit the Attorney Fee
This legal review is billed directly to the seller. There is a $150.00 fee for this service, and you will need to write a check made payable to the Golden Rain Foundation.
3. Legal Clearance & The NOI
Once the attorney reviews your trust and confirms your authority as the Trustee, they will issue the approval. Only after this clearance is granted can we submit your Notice of Intent to Withdraw (NOI) and begin the NOI and Pre-listing requirements before officially marketing the home.
It is critical that we submit the entire trust document, including all pages and every single amendment, the very first time. If the submission is missing pages or requires the attorney to review additional paperwork later, they will charge $75.00 for any additional reviews.