A Chicago Illinois Mineral Deed with Limited Warranty is a legal document used to transfer ownership of mineral rights in Chicago, Illinois. This type of deed guarantees the seller has good title to the property but limits the warranties provided by the seller. In this type of deed, the seller warrants only against claims from the seller and no others. It means that the seller is not responsible for any defects or claims that may arise from previous owners. The limited warranty provides a certain level of protection to the buyer, ensuring that they are receiving the rights to the minerals free from any claims made by the seller's predecessors. There are different types of Chicago Illinois Mineral Deeds with Limited Warranty. Some of these include: 1. Individual to Individual: This involves the transfer of mineral rights from one individual to another. It can be a direct sale or a gift, where the limited warranty is provided to ensure a clean transfer of ownership. 2. Corporation to Individual: This type of deed occurs when a corporation sells mineral rights to an individual. The limited warranty protects the individual buyer from any claims that may arise from the corporation or previous owners. 3. Trust to Individual: In certain cases, a trust may hold mineral rights and transfer them to an individual. The limited warranty in this situation protects the buyer from any claims that may arise from the trust or its beneficiaries. 4. Family Transfer: This type of deed involves the transfer of mineral rights within the same family. It can be from parents to children or between siblings. The limited warranty ensures a smooth transfer of ownership within the family without any claims from other family members. It is important to note that a Chicago Illinois Mineral Deed with Limited Warranty should be prepared by a qualified attorney to ensure that all the legal requirements are met and that the buyer's rights are adequately protected. This type of deed is commonly used in real estate transactions involving mineral rights and provides a level of assurance to the buyer in Chicago, Illinois.
Chicago Illinois Mineral Deed with Limited Warranty
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How to fill out Chicago Illinois Mineral Deed With Limited Warranty?
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