Summary: The new law requires that the transfer of real property (real estate) to a trust have a transfer of legal title to the trustee.
There are two new rules regarding the transfer of property to trust.
(1) The transfer of real property to a trust requires a
transfer of legal title to the trustee evidenced by a written
instrument of conveyance and acceptance by the trustee.
(2) If the transferor is a trustee of the trust, an
interest in real property does not become trust property unless
the instrument of conveyance is recorded in the office of the
recorder of the county in which the property is located.
Counties including Cook County, DuPage County, Kane County, Lake County, and McHenry County.
Serving the local townships of: Antioch, Arlington Heights, Barrington, Bolingbrook, Carol Stream, Chicago, Des Plaines, Evanston, Fox Lake, Glenview, Grayslake, Gurnee, Harwood Heights, Hawthorn Woods, Highland Park, Hoffman Estates, Hyde Park, Lake Forest, Libertyville, Lincolnshire, Lincolnwood, Lombard, Long Grove, Morton Grove, Mount Prospect, Mundelein, Niles, Northbrook, Oak Park, Palatine, Park Ridge, Prospect Heights, Rosemont, Round Lake, Schaumburg, Skokie, Vernon Hills, Waukegan, Westchester, Wheeling, Wilmette, Winnetka, Zion.
August 22, 2015
ESTIMATE YOUR CLOSING PROCEEDS
What is your Projected Sales Price: _______________________________________
To estimate your net proceeds, subtract numbers 1 through 17 below from the projected sales price. This calculation should provide you with a fairly close estimate.
1) MORTGAGE [...]