This form is a Warranty Deed where the Grantor is a Trust and the Grantees are two individuals or husband and wife. Grantor conveys and warrants the described property to the Grantees. The Grantees take the property as tenants in common or joint tenants with the right of survivorship. This deed complies with all state statutory laws.
The Chicago Illinois Warranty Deed — Trust to Two Individuals / Husband and Wife is a legal document that transfers ownership of a property from a trust to a married couple. This type of deed ensures that the property is transferred with a guarantee or warranty of clear and marketable title, meaning that the seller, in this case, the trust, guarantees that there are no existing liens, encumbrances, or claims on the property. The trust refers to a legal entity that holds the property on behalf of the beneficiaries. In this case, the trust is transferring ownership to both individuals who are married to each other. By transferring the property to a trust, it allows for efficient estate planning and asset protection. The Chicago Illinois Warranty Deed — Trust to Two Individuals / Husband and Wife can come in different variations, including: 1. Joint Tenancy Warranty Deed: This type of deed grants equal ownership shares to both individuals. Upon the death of one spouse, the ownership automatically transfers to the surviving spouse. 2. Tenancy by the Entirety Warranty Deed: This particular deed is available exclusively to married couples and provides additional protection against creditors. It ensures that both spouses have equal rights to the property, and if one spouse passes away, the ownership automatically transfers to the surviving spouse. 3. Tenants in Common Warranty Deed: This type of deed allows for unequal ownership shares between the two individuals. Each individual holds a specified percentage of ownership, which can be allocated according to their respective contributions or preferences. In the event of death, the deceased person's share can be passed on to their chosen beneficiaries. It is important to note that the specific terms and conditions of the Chicago Illinois Warranty Deed — Trust to Two Individuals / Husband and Wife can vary depending on the preferences and requirements of the parties involved. It is always advised to consult with an attorney to ensure that the deed is properly drafted and executed, taking into account the relevant laws and regulations in Chicago, Illinois.
