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.
Chicago Illinois Special Warranty Deed from an Individual Grantor to Non-Profit Corporation as Grantee with Reserved LIfe Estate
Category:
State:
Illinois
City:
Chicago
Control #:
IL-027-78
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Word;
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How to fill out Illinois Special Warranty Deed From An Individual Grantor To Non-Profit Corporation As Grantee With Reserved LIfe Estate?
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FAQ
B. The general warranty deed provides the buyer with the greatest protection. A bargain and sale deed carries no warranties against liens or other encumbrances, but assures that the grantor has the right to sell or convey the property.
Special warranty deeds go by many names in different states, including covenant deed, grant deed, and limited warranty deed. The guarantee covers only the period when the seller held title to the property with a special warranty deed.
A warranty deed, also known as a general warranty deed, is a legal real estate document between the seller (grantor) and the buyer (grantee).
The buyer, or grantee, of a property benefits the most from obtaining a warranty deed. Through the recording of a warranty deed, the seller is providing assurances to the buyer should anything unexpected happen.
12. Who benefits the most from recording a warranty deed? D. Explanation: The grantee is the one who has acquired an interest in the land, and she is the one who benefits the most from recording the deed to provide constructive (legal) notice of that interest.
A deed must contain the names of the parties typed or printed to the side or below the signatures. This includes grantors as well as any witnesses and persons taking the acknowledgements. 765 ILCS 5/35c, 765 ILCS 5/9, 5/10. The name and address of the grantee or grantees must appear on the face of the deed.
A warranty deed is a legal document used when a piece of real estate is sold and the ownership is transferred from the grantor (seller) to the grantee (buyer). The form usually includes a description of the property and discloses all known encumbrances like easements, outstanding liens or judgments.
General warranty deed: A general warranty deed is the most common type of deed used to transfer fee simple ownership of a property. Unlike a quitclaim deed, a general warranty deed does confirm a grantor's ownership and a legal right to sell.
A Warranty Deed is the best of the best. It protects you from all future and past issues with property title and any outstanding debts or liens.