A Chicago Title Land Trust Agreement Form is a legal document that serves as a contract between a trustor and a trustee, allowing the trustee to hold legal title to property for the benefit of the trustor. This agreement is unique to Chicago and is often used to protect property owners` privacy and shield their property from potential lawsuits.
A land trust agreement is a type of revocable living trust that is used to hold title to real estate. The trustor transfers ownership of the property to the trustee, who then holds the property in trust for the trustor`s benefit. The trustor maintains control of the property during their lifetime and can sell or mortgage the property without the trustee`s approval.
One of the main advantages of using a land trust agreement is the privacy it provides. When a property is held in trust, the trustee`s name appears on all public records, including deeds and mortgages. This shields the trustor`s identity from public view, making it more difficult for potential litigants to identify and target the trustor.
Another advantage of a land trust agreement is the protection it provides against potential lawsuits. If the trustor is named in a lawsuit, the property held in trust is protected from seizure by creditors. Only the trustee`s interest in the property can be affected.
The Chicago Title Land Trust Agreement Form is tailored specifically to the laws of Illinois and is widely used in Chicago. The form outlines the duties and responsibilities of both the trustor and trustee and includes provisions for the transfer of title, the management of the property, and the termination of the trust.
As a professional, it`s essential to note that if you`re looking for the Chicago Title Land Trust Agreement Form, you should consult an attorney or title company. The form is not available for download online, and it`s important to have a qualified professional review and customize the agreement to fit your specific needs.
In conclusion, a Chicago Title Land Trust Agreement Form is a legal document that provides privacy and protection for property owners in Chicago. This unique trust agreement allows for the transfer of legal title to a trustee while maintaining control of the property for the trustor`s benefit. If you`re interested in using a land trust agreement, it`s essential to consult an attorney or title company to ensure that the agreement meets your specific needs.