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 Naperville Illinois Special Warranty Deed from an Individual Granter to Non-Profit Corporation as Grantee with Reserved Life Estate is a legal document that transfers ownership of a property from an individual to a non-profit corporation while also reserving the right for the granter to live on the property until their death. This type of deed provides a level of protection to the non-profit corporation by limiting the warranties and guarantees made by the granter regarding the property. The reserved life estate aspect of this deed ensures that the granter has the right to live on the property and use it for their benefit until they pass away. Once the granter's life estate ends, the non-profit corporation becomes the sole owner of the property. There are different variations of this Special Warranty Deed, including: 1. Special Warranty Deed with Reserved Life Estate and Charitable Remainder Trust: This type of deed not only transfers the property to a non-profit corporation but also establishes a charitable remainder trust. The trust allows the granter to receive income from the property during their lifetime, while also providing potential tax benefits. 2. Special Warranty Deed with Reserved Life Estate for Specific Purposes: In some cases, the individual granter may transfer the property to a non-profit corporation with a reserved life estate for a specific purpose or use. For example, the granter may want to ensure that the property is used for educational or charitable activities. 3. Special Warranty Deed with Reserved Life Estate and Transfer-on-Death Provision: This variation of the deed includes a provision that allows the granter to designate a beneficiary who will receive ownership of the property upon their death. This provision simplifies the transfer process and ensures that the property remains in the hands of the intended party. Overall, a Naperville Illinois Special Warranty Deed from an Individual Granter to Non-Profit Corporation as Grantee with Reserved Life Estate provides a legal framework for transferring property ownership to a non-profit corporation while still allowing the granter to retain the right to reside on the property until their passing. This type of deed offers protection to both the granter and the non-profit corporation and can be tailored to specific circumstances or intentions through various additional provisions.
