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Land Trust Key Facts
- Anyone that is capable of entering a contract may establish a land trust– an individual, a group of individuals such as a partnership, corporation, or limited liability company; or two or more private individuals who desire to purchase and own the real estate as a joint venture.
- Under a land trust agreement, the beneficiary retains complete control of the real estate in the same manner as if the recorded title were in his or her name. The beneficiary may terminate the trust whenever desired and may add additional property to the trust at any time.
- The trustee executes deeds and mortgages and deals with the property only when directed in writing by the beneficiary.
- When title to real estate is held in a land trust, the interest of the beneficiary, under the terms of the trust agreement, is personal property. Since the beneficiary’s interest is personal property, he or she may transfer it by assigning that interest without the formality of executing and acknowledging a deed.
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