I was trying to close on a deal. I was told to disclose the Trustee’s details and either the Passport Number or the SSN.
Since the Trustee is not liable for anything, and I already told the Trustee the only requirement was the signature, I am not sure what options I have now that this information are needed
This reminds me of a situation I was put in a few years ago. I am the trustee on a land trust that holds title to CA property. The beneficiaries were refinancing and the new lender/title company said they had to have my SS number since I was the trustee. I told them they were wrong and they did not need to know my SS# as I was not their “customer”…the Beneficiaries were their customers. They said their “legal dept” (that’s always who these so-called experts defer to) said it was a requirement. I told them that i have read the Patriot Act and it refers to “know your customer” as the one who they need personal information on. It delayed the closing of the refinance for two weeks, but eventually they relented and asked for a copy of my driver’s license (of which i redacted my address) which is reasonable to prove i am who the Trust Agreement says I am…the Trustee.
Regarding your situation, the FinCen report is only required on a very limited section of real estate transactions…mostly all cash or private money…If you are using bank financing, no reporting is necessary. So, let’s assume (since you did not clarify in your question above) that you must report…the report should be made in the name of the Beneficiary of the Land Trust…not the Trustee.
Mr Land Trust
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