This form is a Warranty Deed where the grantor is a corporation and the grantee is a corporation. Grantor conveys and warrants the described property to the grantee. This deed complies with all state statutory laws.
A Chicago Illinois Warranty Deed — Corporation to Trust is a legal document that signifies the transfer of ownership of real property from a corporation to a trust entity in the city of Chicago, Illinois. This type of deed ensures that the seller (corporation) guarantees the property's title to be free and clear of any encumbrances or claims against it, except for any specifically mentioned in the deed. The deed includes several key components and important information. Firstly, it clearly states the type of deed being used, which is a Warranty Deed. This means that the corporation is providing a warranty or guarantee of the title's validity, representing the corporation's full ownership and authority to sell the property. Secondly, the deed specifically outlines the involvement of a trust as the recipient of the property. The trust, usually established by an individual or group of individuals, acts as the holder and manager of the property on behalf of the beneficiaries. The trust entity may be named and designated in the deed, including details such as the trust's full legal name, tax identification number, and address. Furthermore, the warranty deed contains a detailed legal description of the property being transferred. This description pinpoints the property's boundaries, size, and location, typically using metes and bounds, lot and block numbers, or other identifying information. This ensures that the specific property being transferred is accurately identified and cannot be confused with any other. Moreover, the deed includes the purchase price or consideration for the transfer of the property. This financial aspect is crucial for recording purposes and tax calculations. Additionally, the deed might reference any existing liens, mortgages, or encumbrances on the property that will be assumed by the trust upon transfer unless specifically excluded or paid off as part of the sale. It is worth noting that while the main type of warranty deed is the one described above, there may be variations based on specific circumstances or preferences. For instance, there might be variations to the type of trust or the specific terms and conditions included in the deed. However, the general concept remains the same — a corporation transferring ownership of real property to a trust. In summary, a Chicago Illinois Warranty Deed — Corporation to Trust is a legal document that facilitates the transfer of real property from a corporation to a trust entity, ensuring clear title and ownership. It contains essential information such as the type of deed used, the involved parties, a detailed property description, consideration or purchase price, and any existing encumbrances. While there may be variations based on specific circumstances, this deed serves to protect the interests of both the corporation and the trust in the property transfer process.A Chicago Illinois Warranty Deed — Corporation to Trust is a legal document that signifies the transfer of ownership of real property from a corporation to a trust entity in the city of Chicago, Illinois. This type of deed ensures that the seller (corporation) guarantees the property's title to be free and clear of any encumbrances or claims against it, except for any specifically mentioned in the deed. The deed includes several key components and important information. Firstly, it clearly states the type of deed being used, which is a Warranty Deed. This means that the corporation is providing a warranty or guarantee of the title's validity, representing the corporation's full ownership and authority to sell the property. Secondly, the deed specifically outlines the involvement of a trust as the recipient of the property. The trust, usually established by an individual or group of individuals, acts as the holder and manager of the property on behalf of the beneficiaries. The trust entity may be named and designated in the deed, including details such as the trust's full legal name, tax identification number, and address. Furthermore, the warranty deed contains a detailed legal description of the property being transferred. This description pinpoints the property's boundaries, size, and location, typically using metes and bounds, lot and block numbers, or other identifying information. This ensures that the specific property being transferred is accurately identified and cannot be confused with any other. Moreover, the deed includes the purchase price or consideration for the transfer of the property. This financial aspect is crucial for recording purposes and tax calculations. Additionally, the deed might reference any existing liens, mortgages, or encumbrances on the property that will be assumed by the trust upon transfer unless specifically excluded or paid off as part of the sale. It is worth noting that while the main type of warranty deed is the one described above, there may be variations based on specific circumstances or preferences. For instance, there might be variations to the type of trust or the specific terms and conditions included in the deed. However, the general concept remains the same — a corporation transferring ownership of real property to a trust. In summary, a Chicago Illinois Warranty Deed — Corporation to Trust is a legal document that facilitates the transfer of real property from a corporation to a trust entity, ensuring clear title and ownership. It contains essential information such as the type of deed used, the involved parties, a detailed property description, consideration or purchase price, and any existing encumbrances. While there may be variations based on specific circumstances, this deed serves to protect the interests of both the corporation and the trust in the property transfer process.
