VESTING - Who is in Title to the Property? -PowerTeamHomes.com

•Vesting is determined by the last deed of record
• Many different forms of ownership
• The agent needs to make sure that the listing is signed off by the actual owners of the property

o Single: A sole person owning the property.
Watch out for Homestead!

o Tenants in Commons: undivided interest in the property by 2 or more people.
Can be equal or unequal shares of the property
No right of survivorship
Creditors can attach a claim against the entire property

o Joint Tenancy: undivided interest in the property by 2 or more people
Equal shares of the property
Right of survivorship
Creditors can attach a claim against the entire property

o Tenants By The Entirety: Husband and wife own the entire property.
Equal shares of the property
Must be their primary residence
Limited protection against credit

o Land Trust: The trustee is a bank or a trust company. The trustee executes the deeds
and mortgages upon the written direction of the beneficiary
If you sell a property where a Land Trust is in title you must have the following:
• Certified copy of the original trust agreement
• The Trust Department must execute any recordable documents

o Living Trust: The trustee is usually one of the individual owners of the property. The
living trust allows the property to pass in accordance with the trust without probate.
If you sell a property where a Living Trust is in title you must have the following:
• A properly certified copy of the original trust agreement

o Corporation
If you sell a property where a Corporation is in title you must have the following:
• Letter of Good Standing from the state: www.cyberdriveillinois.com
• Copy of the Articles of Incorporation and ByLaws
• Resolution Authorizing Sale

o LLC: Limited Liability Corporation
If you sell a property where a LLC is in title you must have the following:
• Letter of Good Standing from the State
• Copy of the Articles of Organization
• Copy of the Operating Agreement

o Partnership
If you sell a property where a Partnership is in title you must have the following
• Copy of the Partnership Agreement
• Affidavit/Certificate that the Agreement has not been further Amended