Q: Can a real estate seller trustee stop a sale after purchase & sale?
My wife and I made an offer on a house and signed a P&S. We discovered the property is in a trust and only trustee #1 signed the P&S. My attorney reviewed the trust and concluded only one trustee is required to sign. She conferred with the bank’s attorney and he came to the same conclusion. After P&S, we sold our house and signed our own P&S. Trustee #1 and #2 are now having a dispute. Trustee #2 informed the bank’s attorney of the situation 10 days ago. Now the bank’s attorney requires both trustees to sign or a court order to proceed with closing. Trustee #1 is attempting to get a court date since the trust terms are very clear. The earliest court date is 120 days out. Trustee #2’s attorney barely responds to emails or phone calls. We are scheduled to close on both transactions in 8 days. Time is of the essence as we have young children and are extremely worried about our housing situation. What can we do on an expedited basis to resolve our potential homelessness conundrum?
A: This is not the type of straightforward question well suited to a question and answer online forum. It appears there are issues with the trust and the trustees' powers that are specific to this situation. In other words, there is no standard answer to your question. I strongly suggest you consult with your lawyer in depth in order to grapple with this matter.
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