Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois
A land trust is an arrangement whereby both legal and equitable title to land is held by a trustee (often a bank or trust company) and the interest of the beneficiary is personal property. A land trust agreement explains the rights and responsibilities of the land trustee and beneficiary. The beneficiary or any person designated in writing by the beneficiary has the power to direct the land trustee regarding the title, management, mortgaging and other ownership rights of the land. The beneficiary is also entitled to collect rent, make improvements, and receive the proceeds of the sale of the land.
If you have any questions about how land trusts work or if a land trust might benefit you, feel free to contact our real estate lawyers.