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.
Chicago Illinois Warranty Deed - Trust to Two Individuals / Husband and Wife
Category:
State:
Illinois
City:
Chicago
Control #:
IL-026-78
Format:
Word;
Rich Text
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FAQ
You will need to have the quitclaim deed notarized with the signatures of you and your spouse. Once this is done, the quitclaim deed replaces your former deed and the property officially is in both of your names. You must record the deed at your county office.
Under California Community Property Law, the short answer is likely YES, even if your spouse was never added to title. This may seem surprising to you, but this result is based on the general premise of California Community Property Law that anything earned by either party during marriage is 100% community property.
Is a house owned before marriage marital property in Illinois? Because property acquired before the marriage is non-marital property, a house owned before the marriage may not be marital property. However, if a non-marital asset is commingled, it will become marital property.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
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.
Illinois recognizes homestead, meaning that the non-owner spouse is required to sign the deed selling, conveying, or encumbering any property considered a homestead. This is a form of ownership specifically created for spouses.
We recommend you consult with an experienced real estate lawyer for professional advice as each circumstance is unique. (Please note, the fee for our office to add someone to your deed is $650.00, plus recording costs and documentary stamps ? recordings costs are normally less than $50.00.)
As a homeowner, you have the ability to execute a quitclaim deed to change ownership, and you don't need to refinance the mortgage loan to file a quitclaim deed. Filing a quitclaim deed will change only the property's ownership and title, not anything regarding the loan.
Tenant by the Entirety in Illinois This is a form of ownership specifically created for spouses. In Illinois, spouses have the option of owning property by the entirety, which functions like a joint tenancy in that the surviving spouse will immediately take ownership of the property on the death of the other spouse.
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.