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land trust / title holding trust

February 07, 2017 06:51PM
my question - i am taking title as myself, trustee of land trust

the credit union asked me if revocable or irrevocable. at first, i responded revocable. but they said there was no language in the trust saying so.

and they are correct, because it is not really a trust in that sense. it is a fancy way of holding personal property.

if any of you have ever gotten a loan on a property that you placed in a title holding trust, how did you handle this situation ?

Basically, an Illinois land trust is a mechanism used to handle ownership in real estate. Similar to a revocable living trust, with a land trust, title to the real estate is held by a trustee while the beneficiary (i.e. owner) of the property retains the ability to enjoy all the rights and responsibilities of owning the property. When property is placed into a land trust, the interest is essentially converted to personal property. The consequences of that characterization are that the property becomes simpler to manage and convey than an interest in real property.

The beneficiary of a land trust retains the right to end the trust at any time and transfer the property out of the land trust as well as the ability to direct the trustee when to act and what actions to take in relation to the property.
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land trust / title holding trust

Hard Money Lender 3489 February 07, 2017 06:51PM

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