Minimum annual trustee fee for the first parcel of residential real property held in a trust for which THSC is the trustee and the services are of a passive nature, such as a typical land trust.
The trustee fee applies to each parcel of real property in each trust.
Passive services apply to a typical land trust, or similar, which is directed by one or more beneficiaries who handle the day-to-day affairs of the property. The annual services include:
◦THSC holding title as record title of the trust in the County Official Records.
◦THSC forwarding routine mail such as property tax bills to one designated address within three business days of receipt. THSC will open the mail, scan the contents and email the contents to the designated member.
◦THSC will execute one routine document per year involving a non-member, such as a lease or an extension of a lease. The transaction must be on a standardized form of a routine nature. More complex transactions will incur additional review fees. The trustee will also acknowledge up to one change of beneficial interest per year for no additional charge.
The annual fee for passive services for a single family residence is 0.02% of the estimated Fair Market Value of the property held in trust with a minimum of $195 for the first property in a trust plus a minimum of $135 per property in excess of one per trust. The annual fee commences when the duty of trustee has been accepted by THSC and the trust has been assigned a trust identification number. This item applies to the $195 minimum fee for the first property.
Trustee Fee – Passive Services – Minimum – 1 Year
$195.00
Minimum annual trustee fee for the first parcel of residential real property held in a trust for which THSC is the trustee and the services are of a passive nature, such as a typical land trust.
Description
The trustee fee applies to each parcel of real property in each trust.
Passive services apply to a typical land trust, or similar, which is directed by one or more beneficiaries who handle the day-to-day affairs of the property. The annual services include:
◦THSC holding title as record title of the trust in the County Official Records.
◦THSC forwarding routine mail such as property tax bills to one designated address within three business days of receipt. THSC will open the mail, scan the contents and email the contents to the designated member.
◦THSC will execute one routine document per year involving a non-member, such as a lease or an extension of a lease. The transaction must be on a standardized form of a routine nature. More complex transactions will incur additional review fees. The trustee will also acknowledge up to one change of beneficial interest per year for no additional charge.
The annual fee for passive services for a single family residence is 0.02% of the estimated Fair Market Value of the property held in trust with a minimum of $195 for the first property in a trust plus a minimum of $135 per property in excess of one per trust. The annual fee commences when the duty of trustee has been accepted by THSC and the trust has been assigned a trust identification number. This item applies to the $195 minimum fee for the first property.
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