How can I verify the amount the trustee received from a real property sale?

Question

The successor trustee of our family trust (my sister) sold our family home. This was our parent’s primary residence, and was held in their trust. My brother was the listing agent for the sale. They called it a trustee sale and said it was listed on the MLS. The trustee claims the property sold for $801,000 but she has not provided any valid documentation to verify this amount. She also has not told me how much commission my brother made on the sale. I have reason not to trust either of them. What documents should I request from the trustee that will verify the final sale price as well as the amount of commission my brother received? Would the Residential Purchase Agreement prove these things?

James Zitzmann · Answer

The trustee generally has a duty of loyalty and must provide an accounting to the beneficiaries periodically.  However, a trust can alter the default rules substantially, and there are some other exceptions.  The terms of the trust can alter the powers and duties of the trustee to a certain extent. You may only be able to request an accounting subject to certain conditions, but you should be able to compel him to produce the documents.

Frances Headley · Answer

You should request to see the closing statement from the escrow that should list all disbursements including commissions.

Edwin K. Niles · Answer

You can check the "stamps" (no longer actual stamps) on the deed to determine the amount.  Also, when sis is ready to close the administration of the trust she should render an accounting.  DO NOT  waive the account; make her do it.  You can go to court to force an accounting, if necessary.

Norman Green · Answer

Yes it would.   Or get a copy of the escrow closing statement.  You also could check the deed (recorded in the County Recorder's office) and figure the price, within $500, based on the documentary transfer tax.

Dara J. Goldsmith · Answer

Probably best to ask for a copy of the settlement statement from escrow. Also in Nevada, you could confirm the sales price from the transfer tax paid, but not the commissions.

Thomas Edward Gates · Answer

If you are a beneficiary, you can ask for an accounting.  If it is refused, you can seek an order to compel.  The purchase transaction will be on file at the recorder's office.  Your brother should not have been the agent because he created a conflict of interest with the sell.  That money should be given to the Trust.

Denise Marie McBride · Answer

The sale of the home should be public record, which you can find through the court where the sale took place, The local property appraisers website usually provides such information and also recorded state public records, especially if there was financing involved with the sale.

Brian Haggerty · Answer

The Final HUD Settlement Statement will show those amounts.

John Brennan · Answer

Yes, you are certainly allowed to review the paperwork, preferably as of the closing of the house would disclose all of the information which you are seeking.

James Frederick · Answer

I would ask for the HUD-1, or the "settlement statement." The sales price will be part of the public record. Most real estate professionals charge 6% for commission. If this was an unusual property or situation, it might call for a slightly different commission. A judge would not likely have a problem with your brother charging a commission on this, on the theory that a commission of like amount would have been paid to someone else, anyway.

Victor Waid · Answer

Strongly suggest you obtain the services of a probate/trust litigation lawyer to represent you, to file a petition for an accounting of the asset and asset sales. Also, check the county recorder;  the tax stamps on the transfer deed will tell you how much was paid. However as to the commission or other charges against the sale price,  you will need to see the escrow statement at time of closing, which the title company would have, who escrowed the sale.

Ronald Nims · Answer

I'd recommend that you request the HUD-1 statement on the sale, this should specify all the amounts of every aspect of the sale AND request all of the items you want to know specifically (if the buyer didn't use a loan to buy the property, then an HUD-1 might not have been prepared). Make your request in writing, state that you are making this request under Ohio Revised Code sec. 5808.13. Send it either certified mail or via a delivery service like Fedex or UPS (I like using Fedex or UPS because people are suspicious of certified letters but think nothing of signing for Fedex but you still have a record of delivery). If you don't receive a complete response within 4 weeks, hire an attorney and go to court to get the info.

Erven Nelson · Answer

As a beneficiary, you are entitled to a full accounting.  You should request one.  If the sale occurred in Clark County, Nevada, you can look at the website for the Assessor and pull up the most recent deed and the declaration of value which will show the sale price.

Jayne Sebby · Answer

The information should be filed with the probate court and with the county property records department (Registrar of Deeds, County Assessor, etc.).  Property sales should also be listed in the local newspaper of record and, at least in my county, is available on the county's website.  It may take some months for it to appear in some of these locations.  As for the commission, that should be included in the final estate accounting provided by your sister to the court.  You can request that the court require your sister to notify you when that happens.

Bernard H. Greenberg · Answer

The data you seek will appear in the trustee's annual accounting which must be provided to you by law.

Neal Michael Rimer · Answer

The document you should look at for the information you indicate is the escrow closing statement.  It lists all the dollar figures of money received and expended, with details, as well as the net amount distributed to the Trustee.

Christine James · Answer

Please, do yourself a favor and get yourself an attorney.  This is not chump change you are dealing with.  You are entitled to an accounting.  You are entitled to see the closing statement.  I am guessing you have asked and have been refused.  Your next step is to have an attorney send her a letter advising her of her obligations as trustee and getting the information you need.  It is very likely you will have to do that at some point - why wait?

James E. Reed · Answer

You want to see the Seller's Closing Statement.

Jeffrey Gottlieb · Answer

Ask for the closing statement.  That should detail all the numbers.

Randall Romei · Answer

You should request the HUD-1 statement prepared by the title company at the closing.  Both buyers and sellers sign the HUD-1.  It is a banking document and a federal crime if it contains perjured information.  You could also ask an independent real estate agent to check the post-sale MLS listing for the property.  The actual sale price will be posted.  The real estate agents involved in the transaction can lose their licenses if it is intentionally misreported.  Finally, you could examine a copy of the recorded deed.  The deed will have transfer tax stamps affixed and the transfer tax stamps correspond to the purchase price.

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How can I verify the amount the trustee received from a real property sale?

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