Definition of "Trustee"

Valerie Abercrombie real estate agent
Valerie Abercrombie, Real Estate Agent Better Homes and Gardens Real Estate Main Street Properties

Third party to a bankruptcy proceeding. The trustee's responsibility is to value and recapitalize the real estate firm if it is to be reorganized.

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Comments for Trustee


Brianda Brianda said:

who can be a trustee and who can not?

Mar 06, 2020  17:50:53

 
Real Estate Agent

Hey, Brianda! Some states describe the requirements needed to qualify as a trustee, so you would need to check out local laws in order to see if these requirements are met. Other than that, there might be no restriction on who can act as a trustee in a deed of trust. A trustee is usually a legal entity or an unbiased individual such as a lawyer, an attorney, a bank, a professional corporation or LLC.

Mar 31, 2020  13:22:02
 

 

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