Maryland Nominee Agreement to Hold Title to Real Property
Description
How to fill out Nominee Agreement To Hold Title To Real Property?
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FAQ
A Nominee Trust is an estate planning tool that is unique to Massachusetts. It is essentially a realty trust in which the trust holds the property for the beneficiaries, but the beneficiaries are able to exercise control over the real property.
N. 1) a person or entity who is requested or named to act for another, such as an agent or trustee.
A nominee agreement is an agreement where one person agrees to act on behalf of another person in certain legal matters. A nominee agreement is like a power of attorney but may be broader in scope. A nominee may receive a payment for services or may agree to conduct the affairs of without charge.
This means that sometimes purchasers will sign Agreements in their own personal name and then nominate a company or a trust, or indeed another individual to carry out the purchase. This is essentially an 'assignment' of the purchaser's rights.
A nominee is a person or firm whose name is titled on securities or other property to facilitate certain transactions or transfers while leaving the original customer as the actual or legal owner. In this way, a nominee can serve as a custodian.
A nominee agreement allows one party (the principal) to grant a mandate to another party (the nominee) to act on its behalf.
Example: In a real estate purchase agreement, Bob Buyer agrees to purchase the property, but provides that title (legal ownership) will be granted to "Bob Buyer or nominee," so that Buyer can sell his rights to another person before the deal closes, or because Buyer is really acting for someone else.
A nominee is ordinarily a related entity to the buyer named in the purchase and sale agreement. An assignment occurs when the buyer assigns their interest in the purchase and sale agreement to someone else. An assignee is an entirely different person or entity.