This form is a Special Warranty Deed where the Grantor is an individual and the Grantee is a non-profit corporation. Grantor conveys and specially warrants the described property to the Grantee subject to a reserved life estate. The Grantor only warrants and will defend the property only as to claims of persons claiming by, through or under Grantor, but not otherwise. This deed complies with all state statutory laws.
A Chicago Illinois Special Warranty Deed from an Individual Granter to a Non-Profit Corporation as Grantee with Reserved Life Estate refers to a legal document that transfers ownership of a property from an individual seller to a non-profit organization, while reserving a life estate for the seller. In this type of deed, the granter conveys the property to the grantee (non-profit corporation) with certain warranties and covenants. Unlike a general warranty deed that provides a full warranty of title, a special warranty deed only offers limited warranties. The granter guarantees that they have not done anything to impair the title to the property during their ownership, but they do not provide any guarantees of title issues that may have existed prior to their ownership. Additionally, in this transaction, the granter reserves a life estate, which means they retain the right to live in and use the property for the duration of their lifetime. The life estate is a personal right and expires upon the granter's death. After the granter's demise, the complete ownership of the property passes on to the non-profit corporation. There may be different variations or specific types of special warranty deeds in Chicago, Illinois, but they would generally follow the same principle of limited warranties and the inclusion of a reserved life estate for the granter. It is recommended to consult with a trusted attorney or legal professional for the specific requirements and regulations regarding the creation of such deeds in Chicago, Illinois.A Chicago Illinois Special Warranty Deed from an Individual Granter to a Non-Profit Corporation as Grantee with Reserved Life Estate refers to a legal document that transfers ownership of a property from an individual seller to a non-profit organization, while reserving a life estate for the seller. In this type of deed, the granter conveys the property to the grantee (non-profit corporation) with certain warranties and covenants. Unlike a general warranty deed that provides a full warranty of title, a special warranty deed only offers limited warranties. The granter guarantees that they have not done anything to impair the title to the property during their ownership, but they do not provide any guarantees of title issues that may have existed prior to their ownership. Additionally, in this transaction, the granter reserves a life estate, which means they retain the right to live in and use the property for the duration of their lifetime. The life estate is a personal right and expires upon the granter's death. After the granter's demise, the complete ownership of the property passes on to the non-profit corporation. There may be different variations or specific types of special warranty deeds in Chicago, Illinois, but they would generally follow the same principle of limited warranties and the inclusion of a reserved life estate for the granter. It is recommended to consult with a trusted attorney or legal professional for the specific requirements and regulations regarding the creation of such deeds in Chicago, Illinois.
