Posted by Ali/IL on 3/31/07 10:56am
Msg #183154

A deed question

I have a statement by grantor and grantee in package.

It says the grantor or his agent affirms taht to the best of his knowledge the name of the grantee shown on the deed or assignment of beneficial interest in a land trust is either a natural person an ____corporation or foreign corporation authorized to do business or acquire and hold titl to real estate in ____a parnership authorized to do business or acquire and hold titel to real estate in____. Then it gets signed by grantee or grantor or agent.

Is this for someone to sign if they have a land trust or some other type of business agreement? These people don't have any of that.

Reply by ewing2surf on 3/31/07 11:42am
Msg #183162

That document is required when the property is held in a land trust. They probably don't have to sign it.

How Do You Create a Land Trust?

You create a land trust by signing a short trust agreement at the time the real estate is purchased or after it has been acquired. Under the agreement, you, the owner (called the beneficiary), direct a corporate fiduciary to hold title to the real estate for you, and you direct and instruct the corporate fiduciary as to the persons who will have the authority to manage and control, whether and when it should be sold and to whom, and who will become the owner upon your death.

Property held in a land trust is considered personal property and who the owner or owners are is not public record.