Posted by Jerry Donovan on April 25, 2011 at 10:36:32:
This is slightly incorrect. The Trust does NOT own the house. The Trustee has full legal and equitable title to real property. The beneficiaries own personal property. The Trust owns nothing. Finally, a land trust IS a revocable inter vivos trust.
The Dovetail Solution - Posted by carl lee
Posted by carl lee on April 13, 2011 at 13:26:49:
Has any one used a revocable living trust to sell a piece of property.
Re: The Dovetail Solution - Posted by Marko Rubel
Posted by Marko Rubel on April 14, 2011 at 20:53:04:
The Land Trust is in fact a revocable living trust… the process is
the same, your trustee signs the deed as Grantor (assuming your
property is owned by the trust).
Re: The Dovetail Solution - Posted by carl lee
Posted by carl lee on April 15, 2011 at 16:12:26:
With the R-Trust the house is now personal property but with L-T its real property correct?
Re: The Dovetail Solution - Posted by larry
Posted by larry on April 18, 2011 at 06:01:22:
The ownership of the house is real property. The
trust owns the house and the beneficiary owns the
beneficial interest of the trust, which is personal
property.