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A trustee is the record owner. Her name should appear on any deeds to trust-owned real estate. And Bank Accounts or financial accounts.
Trustor: This is the borrower. Trustee: This is the third party who will hold the legal title to the real property. Beneficiary: This is the lender.
If you borrow from a commercial lender, it is most likely that the lender will determine the trustee, which is typically a title company, professional escrow company, or other company in the business of serving as a real estate trustee. Sometimes a real estate broker or an attorney serves in this role.
The Settlor is the person or entity that is responsible for setting up the trust including the process of handing over the settled sum to the Trustee on the terms stipulated within the deed for the benefit of the beneficiaries.
The Borrower (property owner) is named as ?Trustor,? the Lender is called the ?Beneficiary,? and a third party is called the ?Trustee.? The Trustor grants the property ?in trust with power of sale? to the Trustee to secure payment to the Beneficiary.
By Practical Law Real Estate. Maintained ? California. An assignment of an existing lender's beneficial interest under a California deed of trust to a new lender.
The trustee has broad powers to conduct the trust, and manage its assets. In a family trust, the trustees are usually Mum and Dad (or a company of which Mum and Dad are the shareholders and directors).
A trustee can be an individual, such as a family member, friend, or trusted advisor (e.g., lawyer or accountant) or an institution, such as a bank or trust company.