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WHAT IS A LAND TRUST?   

A land trust offers you, as a real estate owner, a unique package of benefits that lets you enjoy all the advantages of ownership without many of the problems that usually go along with it.

A land trust at a bank or trust company can make real estate ownership simple. Here’s how:

1. Your ownership becomes a private matter – reporting your interest is not necessary with a land trust.

2. You can limit your liability under a mortgage – personal liability for a mortgage can be avoided with a land trust.

3. You can reduce probate expense – by designating with a land trust the percentage of ownership which will be left to each successor beneficiary.

4. You may deal on your signature alone – without the necessity of your spouse’s signature on deeds, mortgages, leases, etc.

5. You can eliminate many joint ownership risks – such as faulty titles due to co-owner’s death, insanity, divorce, and the like.

6. You can eliminate the red tape of real estate sales – making the transfer of title a remarkably simple procedure.

7. As an out-of-state owner, you can avoid ancillary probate – because a land trust makes your interest personal property, which does not require probate in Illinois.

8. You avoid liens upon your title – because a judgment claim against a beneficiary does not automatically become a lien on the real estate.

A land trust should be tailored to your needs and objectives. For more details, we will be happy to help you with your questions. Talk it over with us today!


 

 

Why do I need a lawyer to buy or sell a house?

Real estate law is complicated; there is a reason why contracts are so long! A realtor is an important part of your team and works with your attorney to make sure your interests are protected as you negotiate terms and conditions for the purchase. As a buyer, you are faced with critical time deadlines during which you can perform your home inspection, complete due diligence and commence a loan application with a qualified lender. If you miss a detail or deadline, it could lead to loss of earnest money and a potential lawsuit. Additionally, issues may arise during inspections and final walk through prior to closing on the purchase. An experienced real estate attorney will consult with and guide you through the process so you can focus on the move and acquisition. He can help you avoid problems before they happen.

As a seller, your responsibilities are even greater. You must disclose all known material defects and potential problems to your interested buyer. An attorney can negotiate issues on your behalf, tactfully and professionally, easing the stress you face when you move. More importantly, attorneys take steps to protect your interests. When you sell the home, you want confidence and peace of mind that the deal is done without unnecessary legal liability.

Buying or selling a home is likely the biggest and most expensive single transaction in your life. Hire attorneys Jeffrey Fisher and Mark Berardi to make sure your closing goes as smoothly and safely as possible. We have been involved in thousands of residential, commercial and farm transactions, so let our experience work for you.