Illinois Mineral Deed with Limited Warranty

• Category: Oil Gas and Minerals - Deeds
• State: Multi-State
• Control #: US-OG-061
• Format: Word; Rich Text

Description

This form of deed conveys an undivided interest in minerals in specific lands. Illinois Mineral Deed with Limited Warranty is a legal document that grants ownership rights of mineral interests in real property located in Illinois. This type of deed is commonly used in the state to transfer mineral rights from one party to another, ensuring a limited warranty of title. A mineral deed with limited warranty provides a certain level of protection to the granter and guarantees that the granter holds good and marketable title to the mineral interests being conveyed, but only against claims arising during their period of ownership. The granter does not provide warranty against any previous or future claims or encumbrances on the property. This means that the grantee's ownership of the mineral interests may be subject to potential defects or claims that existed before the granter's ownership, but not caused by the granter. There are different types of Illinois Mineral Deed with Limited Warranty, each serving specific purposes in various situations. Some of these types include: 1. Individual Illinois Mineral Deed with Limited Warranty: This is a deed used when an individual grants mineral interests to another individual or entity, with a limited warranty of title. 2. Corporate Illinois Mineral Deed with Limited Warranty: This type of deed is utilized when a corporation transfers mineral rights to another individual or entity, ensuring a limited warranty of title. 3. Trustee Illinois Mineral Deed with Limited Warranty: Trustee deeds are used to transfer mineral interests held by a trustee on behalf of a trust, guaranteeing a limited warranty of title. 4. Executor Illinois Mineral Deed with Limited Warranty: This type of deed is used to transfer mineral interests from the estate of a deceased person to heirs or beneficiaries, ensuring a limited warranty of title. 5. Partnership Illinois Mineral Deed with Limited Warranty: Partnership deeds are utilized when a partnership is transferring mineral interests to another individual or entity, providing a limited warranty of title. It is crucial for both the granter and grantee of an Illinois Mineral Deed with Limited Warranty to have a thorough understanding of the terms and conditions mentioned in the deed. Consulting with an attorney specializing in real estate law is advisable to ensure a smooth transfer of mineral rights and to address any potential issues or concerns.

Illinois Mineral Deed with Limited Warranty is a legal document that grants ownership rights of mineral interests in real property located in Illinois. This type of deed is commonly used in the state to transfer mineral rights from one party to another, ensuring a limited warranty of title. A mineral deed with limited warranty provides a certain level of protection to the granter and guarantees that the granter holds good and marketable title to the mineral interests being conveyed, but only against claims arising during their period of ownership. The granter does not provide warranty against any previous or future claims or encumbrances on the property. This means that the grantee's ownership of the mineral interests may be subject to potential defects or claims that existed before the granter's ownership, but not caused by the granter. There are different types of Illinois Mineral Deed with Limited Warranty, each serving specific purposes in various situations. Some of these types include: 1. Individual Illinois Mineral Deed with Limited Warranty: This is a deed used when an individual grants mineral interests to another individual or entity, with a limited warranty of title. 2. Corporate Illinois Mineral Deed with Limited Warranty: This type of deed is utilized when a corporation transfers mineral rights to another individual or entity, ensuring a limited warranty of title. 3. Trustee Illinois Mineral Deed with Limited Warranty: Trustee deeds are used to transfer mineral interests held by a trustee on behalf of a trust, guaranteeing a limited warranty of title. 4. Executor Illinois Mineral Deed with Limited Warranty: This type of deed is used to transfer mineral interests from the estate of a deceased person to heirs or beneficiaries, ensuring a limited warranty of title. 5. Partnership Illinois Mineral Deed with Limited Warranty: Partnership deeds are utilized when a partnership is transferring mineral interests to another individual or entity, providing a limited warranty of title. It is crucial for both the granter and grantee of an Illinois Mineral Deed with Limited Warranty to have a thorough understanding of the terms and conditions mentioned in the deed. Consulting with an attorney specializing in real estate law is advisable to ensure a smooth transfer of mineral rights and to address any potential issues or concerns.