Warranty Deed-Joint Tenancy Illinois Statutory is a type of ownership in which two or more people own an undivided interest in real estate. This type of ownership is recognized under the Illinois Statutes and provides certain rights and obligations to co-owners. The primary rights of joint tenants are survivorship and equal rights of possession. Survivorship means that upon the death of one joint tenant, the other joint tenant(s) automatically inherits the deceased joint tenant's interest (i.e. ownership) in the property. The equal rights of possession means that all joint tenants have an equal right to use and occupy the property. There are two types of Warranty Deed-Joint Tenancy Illinois Statutory: Tenancy in Common and Tenancy by the Entirety. Tenancy in Common is where the co-owners each have an undivided equal interest in the property and can transfer their interest to another person upon death. Tenancy by the Entirety is only available to married couples and provides for the right of survivorship. Upon the death of one spouse, the survivor automatically becomes the sole owner of the property.
Warranty Deed-Joint Tenancy Illinois Statutory
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A deed must contain the names of the parties typed or printed to the side or below the signatures. This includes grantors as well as any witnesses and persons taking the acknowledgements. 765 ILCS 5/35c, 765 ILCS 5/9, 5/10. The name and address of the grantee or grantees must appear on the face of the deed.
A warranty deed promises that the grantor holds good, clear title to a piece of real estate. It promises also that the grantor has the right and authority right to sell it to the grantee or buyer. A quitclaim deed, on the other hand, makes no promises about the quality of the title to the property.
There is a specific statute in Illinois that deals with tenancy by the entirety ownership of real estate. There are certain rules to holding title to real estate as tenants by the entirety: Only two people may hold title to property as tenants by the entirety, and they must be married to each other.
Commonly, many spouses and married couples own their real estate through joint tenancy and rights of survivorship completely but they both encompass the sane meaning when one of the property owners passes away, the surviving spouse immediately takes over the ownership interests in the home or property.
Joint Tenancy In Illinois Holding a property in joint tenancy allows the property to remain with the surviving joint tenant after the death of the other party without any fear of the deceased's share being given away.
A warranty deed ensures a buyer that the property is owned by the seller and is able to be sold without any encumbrances. A deed of trust is used in certain states, and represents a buyer's guarantee with their lender to repay the property loan as scheduled.
An Illinois statutory warranty deed allows the conveying of property from one person (?grantor?) to another (?grantee?). The deed is the grantor's promise that there is no one else who can make a claim on the title but does not promise any defects against that title prior to their ownership.
A warranty deed that transfers title to real estate from a grantor to a grantee. In Illinois, a warranty deed transfers title to the grantee with broad warranties and covenants of title and is the form of deed customarily used in residential real estate transactions.