Furthermore, the property owner must include the property's current owner(s) name(s), the new owner(s) name(s), and a proper legal description of the property. A land trust is a legal agreement in which one party (the trustee) holds legal title to a property for the benefit of another party (the beneficiary)."You'll need to file a quit claim deed and a change of ownership form that transfers title from your name to the trust," said Banuelos. Because the trust holds title to the property, a beneficiary can sell their interest in the trust without needing to execute and record a new deed. The Beneficiary(ies) reserve the right to live on or otherwise possess and use the real estate. A deed of trust is an agreement between a home buyer and a lender at the closing of a property.