Buyers

What Do I Need To Know As a Buyer?

Buying a home can be a stressful time. You simply may not have the time to even think about what happens to your private information after your transaction is complete. What many do not know is that once a buyer purchases a home, their ownership information goes on the public record and is posted on the internet. The information on the deed (ownership structure, purchase price, address and mortgage information) becomes a permanent part of the public record, and websites publish this information for their own business purposes. Your personal and financial information is out there and can be seen by anyone with an internet connection.

Chicago Title Land Trust Company has a solution. Land trusts are a simple and affordable way to keep the details of your transaction private. Due to the broad reach of the internet, land trusts have become a necessity for every home buyer concerned about privacy. We would be happy to walk you through the process of setting up your land trust, or directing you to an attorney that can help. You are welcome to contact us any time at (888) 878-7856.

HOW DO I ESTABLISH A NEW LAND TRUST?

1. Contact us to reserve a land trust number. We will ask for the property address, type of property and value of the property.
2. Download and complete the
   Trust Agreement Form and W9. TO COMPLETE THIS FORM:
   SAVE the blank form to your computer
   BEFORE entering your information and then
   SAVE AGAIN after completing the form.
   These forms are signed by the beneficiary and holder of power of direction if different than the beneficiary.
3. Send the original signed trust agreement, W9, and copy of state ID to any Chicago Title Land Trust Company office for acceptance.
4. The Deed in Trust transferring title to the trust must be recorded.
   1. Be sure to inform the seller’s attorney and lender, if applicable, that you will be taking title directly into the trust.
   2. The seller’s attorney typically prepares the deed in trust (forms available on website) and it is recorded through the closing.
   3. Review the deed to make sure your name does not appear anywhere on the deed including any mailing instructions.
   4. Tax bills can be sent directly to you or to us. If sent to us there is a nominal tax bill forwarding fee for this service.
      
      Tax bills should be addressed as follows:
      
      CTLTC (insert your trust number)
      Your address
      Your city, state, zip
      or
      CTLTC (insert your trust number)
      10 S LaSalle, #2750
      Chicago, IL 60603