A Chicago Illinois Quitclaim Deed for Individual to Three Individuals as Joint Tenants with the Right of Survivorship is a legal document used to transfer the ownership interest of a property from one individual to three other individuals. This type of deed is commonly used when a property owner wants to add individuals as joint tenants, meaning they will collectively own the property with equal shares. In this scenario, the transferor, or the individual granting the deed, is relinquishing their ownership rights to the property and conveying it to the new owners in equal shares. The deed is executed using the quitclaim method, which means that the transferor is making no warranty or guarantee regarding the title of the property. They are simply transferring whatever interest they have in the property to the new owners. The three new owners, or grantees, will hold the property as joint tenants, which means they have an equal, undivided interest in the property. Each owner's share cannot be individually sold, mortgaged, or transferred without consent from all other joint tenants. Additionally, if one of the joint tenants were to pass away, their ownership interest will automatically transfer to the surviving joint tenants, without going through probate. It is important to note that there may not be different types of Chicago Illinois Quitclaim Deed for Individual to Three Individuals as Joint Tenants with the Right of Survivorship. This particular quitclaim deed serves the purpose of transferring ownership from one individual to three others as joint tenants with the right of survivorship. However, it is always recommended consulting with an attorney or legal professional who specializes in real estate to ensure that the appropriate deed is being used for a specific situation.
Chicago Quitclaim
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How to fill out Chicago Illinois Quitclaim Deed For Individual To Three Individuals As Joint Tenants With The Right Of Survivorship?
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