A Cook Illinois Warranty Deed from Corporation to Two Individuals is a legal document that transfers ownership of real estate property from a corporation to two individuals in Cook County, Illinois. This type of deed provides a guarantee to the new owners that the corporation holds legal title to the property, and that there are no known encumbrances or claims against it. The Cook Illinois Warranty Deed from Corporation to Two Individuals is designed to protect the buyers from any potential disputes or legal issues regarding the ownership of the property. It assures them that the corporation has full authority to transfer the title and that they will have sole ownership and possession of the property. There are different variations of this deed based on specific circumstances, such as: 1. General Warranty Deed: This type of Cook Illinois Warranty Deed ensures the highest level of protection for the buyers. It includes a comprehensive guarantee that the corporation will defend the title against any claims, even if they arose before the corporation acquired the property. 2. Special Warranty Deed: With a Special Warranty Deed, the corporation guarantees that it has not incurred any encumbrances or claims during the time it owned the property. However, it does not provide protection against any claims that may have existed prior to the corporation's ownership. 3. Limited Warranty Deed: A Limited Warranty Deed offers a more restricted assurance to the buyers. It only covers claims or encumbrances that arose during the corporation's ownership of the property. All three types of Cook Illinois Warranty Deeds from Corporation to Two Individuals serve to transfer ownership of the property to the buyers while providing varying degrees of protection against potential title defects or claims. In conclusion, a Cook Illinois Warranty Deed from Corporation to Two Individuals is a legal document used to transfer property ownership. It is crucial for individuals involved in real estate transactions to understand the type of warranty deed being used and the level of protection it provides. Consulting with a qualified attorney or real estate professional is advisable to ensure a smooth and secure transfer of ownership.
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How Do Homeowners Add Spouses to Property Deeds? One of the most common ways property owners add spouses to real estate titles is by using quitclaim deeds. Once completed and filed, quitclaim deed forms effectually transfer a share of ownership from the owners, or grantors, to their spouses, or the grantees.
LEGAL FEES - ILLINOIS QUIT CLAIM DEEDS The most basic service that most people chose is for me to prepare the Illinois quitclaim deed and grantor/grantee statement for $150. With this option, it will be your responsibility to get the local transfer stamp (if required) and get the deed recorded with the County Recorder.
If the wife's name is not on the deed, it doesn't matter. It's still marital property because it was bought during the marriage. This makes it marital property and is still split between both parties. The wife is entitled to receive either equal share or equitable share of the house.
For the purpose of recording the document, your document must meet all of the recording requirements (the document has to have the property tax number, address, legal description and preparer's name and address, with signatures/notary.
?Adding someone to a deed? means transferring ownership to that person. The transfer of ownership can occur during life (with a regular quitclaim deed, for example) or at death (using a lady bird deed, transfer-on-death-deed, or life estate deed).
A quitclaim deed requires trust on the part of the person receiving the deed, because the person transferring it, also known as the grantor, isn't guaranteeing they actually own the property. With a quitclaim deed, when you're getting the property, you're only getting what the grantor actually owns.
If you want to transfer real estate in Illinois to a relative or a friend, you might consider doing this yourself by using a quitclaim deed. A quitclaim deed in Illinois is often used to transfer property between close family members or trusted friends.
Warranty deeds are commonly used when selling residential, single-family property. Signing a warranty deed guarantees that the property being sold is legally yours to transfer, that it's in the same condition as advertised, and that there are no undisclosed mortgages or liens tied to it.
This option includes Option 1 above plus obtaining local municipal transfer stamps, and recording the deed with the county recorder's office. Total fees for this service ranges from $360 for townships that don't require a municipal transfer stamp to $800+ for municipalities that do require a transfer stamp.
It usually takes four to six weeks to complete the legal processes involved in the transfer of title.
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Grant deed: A grant deed allows the recipient person to hold the title to and grant its ownership to another person. The granter acts in trust for the transferee. Grant deed is used to transfer an ownership interest in real estate to another entity, such as a family member or a trustee to receive compensation. The transferee also receives a deed to the land. Grant deed is considered the most commonly used type of deed for property ownership transfer. Quitclaim deed: A quitclaim deed or a grant deed is used to transfer an ownership interest in a land trust to a party other than the granter. A quitclaim deed gives all rights that a granter has. The quitclaim deed is not considered a grant deed. Both the granter and his successor can use quitclaim deed to convey a property ownership interest in land to a third party. Both a granter and his successor can use a quitclaim deed to convey a property ownership interest in land to another party.
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