LAND TRUST
A legal agreement comprised entirely of real estate assets; the land owner will appoint a trustee or board of trustees to manage the real estate for the benefit of another party (the beneficiary of the trust) and to maintain ownership of the real property. Nonprofit organizations use them for conservation purposes; companies and investment buyers use it to acquire privately large property holdings for their expansion and to avoid publicity; and individuals typically use it to avoid probate and for privacy.
Can also be known as Illinois-type land trusts.
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