Buying or selling a house in a Living Trust and House Closings is a different real estate transaction. Gateville Law Firm is familiar with Living Trust and House Closings. Our house closing attorneys in Yorkville, Plano, Oswego, and Kendall County can assist with your real estate closing or refinance transaction. Often, a person that has a Living Trust must have a Trust Agreement, which outlines who is the Trustee and the Successor Trustee.
HOUSE CLOSING ATTORNEYS IN YORKVILLE AND OSWEGO IL: CLOSING IN A LIVING TRUST
We often get calls from the Title Company where a person or couple has a Living Trust and they need a Certificate of Trust or an attorney opinion letter regarding the Trust Agreement. A Trust Agreement is a written agreement for a Living Trust or otherwise known as a Joint Living Trust, Revocable Living Trust or Declaration of Trust. The Title Company and Mortgage Company wants an attorney to state that the Trustee has the legal powers to refinance the property, purchase or sale the property, and do many other things. Furthermore, the Title Company and the Mortgage Company want to know who has the powers to bind the Living Trust.
YORKVILLE LIVING TRUST AND HOUSE CLOSING ATTORNEYS
This afternoon, I represented a client that purchased a house in cash. Chicago Title wanted to see the terms of the Living Trust and wanted a Certificate of Trust. A Certificate of Trust is a summary of the key powers outlined in a Living Trust or otherwise known as a “Revocable Living Trust”. The Title Company asked questions such as who is the Trustee and the Successor Trustee. A Trustee is the person or entity that has the legal power to manage the Living Trust. The Title Company also wanted to know whether the Living Trust was Revocable or Irrevocable. The terms of the Living Trust were revocable because it could be amended or revoked. An irrevocable trust cannot be amended or revoked.
EXPERIENCED AND RESPONSIVE REAL ESTATE CLOSING ATTORNEYS
Gateville Law Firm offers real estate closing and living trust services in the Kendall County area such as Plano, Yorkville, Bristol, Plattville, Minooka, Aurora, Montgomery, and Oswego (IL). Our real estate closing attorneys are easy to work with and have the skill required to assist you or your loved ones with their estate planning or real estate closing needs. Our managing partner is a graduate of DePaul University College of Law and University of Illinois at Urbana-Champaign. Let our attorneys, paralegals, and staff assist you. We can be reached at 630-780-1034.