Revocable Living Trust Property Seller? What does that mean

[Logan Loughmiller]

I've entered into a competitive negotiation on a property and wanted to try to understand more about the owner so as to figure out ideal terms and on the info maps site is says the owner of the property is:

__First name___Last name___"REV LIV TR", which I've come to find out means revocable living trust. I've googled and have a basic understanding of what a revocable living trust is, but how does that apply to a real estate transaction?

Does that mean the owner has passed and the trustee is selling the estate for the beneficiaries? 

Or is it just a designation the living owner placed when purchasing the house in case he passed away?

(or something else if both these are incorrect)