Illinois Trustee's Deed
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How to fill out Illinois Trustee's Deed?
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FAQ
The trustee is a neutral third-party who holds the legal title to a property until the borrower pays off the loan in full. They're called a trustee because they hold the property in trust for the lender.
A Trustee's Deed Upon Sale, also known as a Trustee's Deed Under Sale or a Trustee's Deed is a deed of foreclosure. This deed is prepared after a property's foreclosure sale and recorded in the county were the property is located.The property may be in default on taxes, have mechanic's liens and/or other encumbrances.
To preserve legal chain of title, real estate transfers in Illinois must be recorded with the appropriate county recorder of deeds office. Additionally, it is well-settled law that a transfer to a trust is valid without recording a deed if one later uses a pour-over will via probate.
Trustee's deeds convey real estate out of a trust.This type of conveyance is named for the person using the form the trustee who stands in for the beneficiary of the trust and holds title to the property.
Like all deeds, these two legal documents are both used to transfer titles from one owner to another. A warranty deed protects property owners from future claims that someone else actually owns a portion (or all) of their property, while trustee deeds protect lenders when borrowers default on their mortgage loans.
A warranty deed protects property owners from future claims that someone else actually owns a portion (or all) of their property, while trustee deeds protect lenders when borrowers default on their mortgage loans.
A trustee deedsometimes called a deed of trust or a trust deedis a legal document created when someone purchases real estate in a trust deed state, such as California (check your local laws to see what is required in your state). A trust deed is used in place of a mortgage.
In Illinois, a trustee's deed is used to transfer real property out of a trust.The trustee's deed establishes basic information about the trust, such as the name and date of the trust document. The trustee serves as the grantor in the deed, and transfers the title into the grantee's name.