By loading the property into the trust and transferring the trust, sellers are able to skip the county recorder entirely. This means no deeds, no notarized signatures, and no complex escrow.
Once the seller is ready to purchase, the digital title swaps instantly with the payment, and the transaction is complete.
However, there is an agreement and bit of paperwork that get signed in the process.
With respect to the transfer, a document memorializing the transfer of the trust (what is called an "assignment") is presigned by you, the seller, at the moment you put the property for sale. This document simply states that whoever purchases the digital title becomes the property owner, and the take over all your rights and duties under the trust. In the process of completing the transaction, the buyer makes the payment and completes this agreement electronically.
Then, a 1099s is filled out and submitted that specifies the buyer and the seller and lets the IRS know the details of the transaction.
While a traditional transaction takes time, paper, and lots of individuals to get the transfer done, the Fabrica platform does all this programatically, and allows you to get back to what you do best -- enjoying your property!