Tuesday, August 26, 2014

can you purchase a house in Illinois without having your name published publicly

Question

can you purchase a house in Illinois without having your name published publicly



Answer

For privacy, some property owners use banks or trust companies to hold title in a Land Trust. Generally, there is an annual fee and specific charges associated with various tasks, such as forwarding the tax bill, signing new documents, etc. See:

http://www.atgtrust.com/services/landtrusts.asp



Answer

There are several ways. Mr. Repay is correct on land trusts with one exception. If there is a lawsuit regarding the property (say a building code violation) the land trustee will be sued and may have the right to be dismissed on its motion that discloses the beneficiary -- which could be you!

So what do you mean by "published publicly" and what are you attempting to protect. If you set up a corporation or limited liability company, your name could show up in public records in the Secretary of State's office that people could search, but it could be just as the registered agent or as manager and not as an owner/member, so how "private" do you want things to be -- "privacy" can be tailored somewhat.



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