Trust land is the single fact that reorganizes every ordinary assumption about a real estate transaction. This article explains what trust status is, why the United States holds the title, and how that ownership changes leasing, financing, taxation, jurisdiction, and remedies. It works through the approval requirements that govern any interest in trust land, the fee-to-trust process and the eligibility problem created by Carcieri, and the taxation framework that turns on who bears the legal incidence and whether federal law preempts. It closes with what a transaction structured on trust land actually looks like when it is done correctly.