Chicago Limited Liability Company

• Category: Illinois Real Estate - Deeds - Warranty
• State: Illinois
• City: Chicago
• Control #: IL-04-78
• Format: Word; Rich Text

Description

This Warranty Deed from two Individuals to LLC form is a Warranty Deed where the Grantors are two individuals and the Grantee is a limited liability company. Grantors convey and warrant the described property to Grantee less and except all oil, gas and minerals, on and under the property owned by Grantors, if any, which are reserved by Grantors. A Chicago Illinois Warranty Deed from two individuals to an LLC is a legally binding document that transfers ownership of property from individual property owners to a limited liability company (LLC). This type of deed provides a guarantee or warranty that the property is being transferred without any encumbrances or title defects, ensuring that the LLC receives clear and marketable title. The warranty deed typically includes the names and addresses of the individuals selling the property (granters) and the LLC acquiring the property (grantee). It also includes a legal description of the property, which may include details such as the property's lot number, block number, and subdivision. The deed usually states the consideration or purchase price for the property, which may be in the form of monetary payment or another agreed-upon form of consideration. It is important to note that in Illinois, a nominal sum of $10 is commonly used as consideration. There are generally two types of Chicago Illinois Warranty Deeds from two Individuals to an LLC: 1. General Warranty Deed: This type of deed is the most comprehensive and provides the highest level of protection for the grantee. It guarantees that the granter has clear title to the property and will defend against any future claims on the title. 2. Special Warranty Deed: Unlike a general warranty deed, a special warranty deed only guarantees that the granter has not created any defects or encumbrances on the title during their ownership. This means that the granter is responsible for any claims arising from their ownership period but not for any defects or encumbrances that may have existed before their ownership. In addition to the above, a Chicago Illinois Warranty Deed from two Individuals to an LLC may also include specific covenants or conditions agreed upon by both parties. These may include restrictions on the property's use, rights of way, or any other agreements related to the transfer. Overall, the purpose of the Chicago Illinois Warranty Deed from two Individuals to an LLC is to legally transfer property ownership from individuals to an LLC with a guarantee of clear and marketable title, ensuring the buyer's protection against any future title disputes or defects.

A Chicago Illinois Warranty Deed from two individuals to an LLC is a legally binding document that transfers ownership of property from individual property owners to a limited liability company (LLC). This type of deed provides a guarantee or warranty that the property is being transferred without any encumbrances or title defects, ensuring that the LLC receives clear and marketable title. The warranty deed typically includes the names and addresses of the individuals selling the property (granters) and the LLC acquiring the property (grantee). It also includes a legal description of the property, which may include details such as the property's lot number, block number, and subdivision. The deed usually states the consideration or purchase price for the property, which may be in the form of monetary payment or another agreed-upon form of consideration. It is important to note that in Illinois, a nominal sum of $10 is commonly used as consideration. There are generally two types of Chicago Illinois Warranty Deeds from two Individuals to an LLC: 1. General Warranty Deed: This type of deed is the most comprehensive and provides the highest level of protection for the grantee. It guarantees that the granter has clear title to the property and will defend against any future claims on the title. 2. Special Warranty Deed: Unlike a general warranty deed, a special warranty deed only guarantees that the granter has not created any defects or encumbrances on the title during their ownership. This means that the granter is responsible for any claims arising from their ownership period but not for any defects or encumbrances that may have existed before their ownership. In addition to the above, a Chicago Illinois Warranty Deed from two Individuals to an LLC may also include specific covenants or conditions agreed upon by both parties. These may include restrictions on the property's use, rights of way, or any other agreements related to the transfer. Overall, the purpose of the Chicago Illinois Warranty Deed from two Individuals to an LLC is to legally transfer property ownership from individuals to an LLC with a guarantee of clear and marketable title, ensuring the buyer's protection against any future title disputes or defects.