Deed In Trust Vs Deed Of Trust In Illinois
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FAQ
Illinois allows the use of both a deed of trust and a mortgage. Illinois is a lien-theory state. Mortgages are considered to be liens against the property and the vast majority of the liens in Illinois are mortgages.
Yes, you can sell a home with a Deed of Trust. However, just like a mortgage, if you're selling the home for less than you owe on it, you'll need approval from the lender.
The most common deed form in Illinois is the warranty deed. Warranty deeds provide a form of protection to the buyer as a warranty by the seller that guarantees no issues with the title. All other deed forms, such as limited warranty deeds and quitclaim deeds, are available and insurable in Illinois.
Putting your home in a trust has many advantages, including avoiding probate. However, the process of creating a trust and transferring ownership of your home can be complicated and must be conducted properly to avoid adverse consequences.
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
ANSWER: The lender, which is the beneficiary under the trust deed, CANNOT also be the trustee, under California law.
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia, ...
