As a Buyer how do I...
Establish a New Land Trust?
- Contact us to reserve a land trust number. We will ask for the property address, type of property and value of the property.
- Download and complete the Trust Agreement Form and
W9 . Thesepower of direction if different than the beneficiary. - Send the original signed trust agreement, W9, and
copy of state ID to Bank of Bourbonnais on behalf of First Nations Bank Trust Department for acceptance. - The Deed in Trust transferring title to the trust must be recorded.
- Be sure to inform the seller’s attorney and lender, if applicable, that you will be taking title directly into the trust.
- The seller's attorney typically prepares the Deed in Trust (Warranty Deed or Quit Claim) and it is recorded through the closing.
- Review the
deed to make sure your name does not appear anywhere on the deed including mailing instructions. - Tax bills can be sent directly to you or to us. If sent to us there is a nominal tax bill forwarding fee for this service.
Tax bills should be addressed as follows:
First Nations Bank Trust # (insert your trust number)
Your address
Your city, state, zip
or
First Nations Bank Trust # (insert your
trust number)
7757 W. Devon Ave.
Chicago, IL 60631
HELPFUL HINTS
- Property located in Cook County must have a recorded facsimile assignment when lodging an assignment or collateral assignment with the trust.
- Property located in the city of Chicago must obtain a water certificate in order to record a facsimile assignment or deed. Be sure to obtain any applicable transfer or exempt stamps from the municipality where the property is located.
- Property located in the city of Chicago must complete MyDec when recording a facsimile or deed.
- Your documents can be emailed to us at carol.beard@fnbwbank.com for review before being formally submitted. Please include your contact information.
To make form completion easier, please save the blank form to your computer before entering your information and then SAVE AGAIN after completing the form.