Example Of Letter Of Agreement Between Two Parties In Illinois

• Category: Civil Actions - Partitions
• State: Multi-State
• Control #: US-00410
• Format: Word; Rich Text

Description

The Example of letter of agreement between two parties in Illinois is a formal document outlining the terms for the partition and division of jointly owned real property among co-owners. It specifies the property details and confirms that the co-owners are the sole proprietors, ensuring no other party has an interest in the property, barring any liens. The agreement delineates how the property will be equitably divided into specific tracts assigned to each co-owner, attaching corresponding exhibits for clarity. Additionally, it includes provisions for executing quitclaim deeds, which officially transfer ownership of the specified properties. Each co-owner releases claims to the divided property once the agreement is executed. This document is particularly useful for attorneys, partners, and owners as it reduces disputes over ownership and clarifies property rights. Paralegals and legal assistants can utilize this form to help clients navigate property division processes smoothly, ensuring that legal requirements are met with clear instructions for completion and filing.