Tenants In Common Or Joint Tenants With Right Of Survivorship In Illinois
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FAQ
Individually – An individual takes title to the property in his or her own name. At the death of the individual, the property passes pursuant to the person's estate plan (if they have one), and if not, or the state's intestate succession (no will or trust) rules.
For example, when one of 2 owners of an asset held in joint tenancy dies, the surviving owner becomes the sole owner of the asset. A tenancy in common is a form of ownership by 2 or more persons in which each person owns an interest in an asset that is less than the entire value of the asset.
A spouse cannot sell a home their spouse is living in (the homestead). Selling a homestead will require a court order from an Illinois divorce court. If both spouses are not on the deed and the property is not a homestead, the owner spouse can do whatever they want with the property in their name.
– Quitclaim Deed: This deed transfers the grantor's interest in the property without any warranties or guarantees. It is often used for transfers between family members where the grantor may not want to warrant the current status of title.
In Illinois, spouses have the option of owning property by the entirety, which functions like a joint tenancy in that the surviving spouse will immediately take ownership of the property on the death of the other spouse. Illinois recognizes joint tenancy with right of survivorship as a common form of joint ownership.
Further tenancy in common allows parties to hold unequal shares of property interest. Joint tenancy requires each co-owner to hold equal shares of property. Further, co-owners must transfer the deed at the same time. In this sense, joint tenancy is rigid compared to tenancy in common.
In order to sell or convey the entire property, all owners must join in the transfer. As tenants in common, the co-owners have the right to sell, gift, or transfer their interest in the property without the other owners' permission.
Joint Tenants in Illinois In particular, joint tenancies with right of survivorship involve all parties having equal ownership and the right to assume another owner's interest in the event the other owner dies.
A spouse cannot sell a home their spouse is living in (the homestead). Selling a homestead will require a court order from an Illinois divorce court. If both spouses are not on the deed and the property is not a homestead, the owner spouse can do whatever they want with the property in their name.
Some states, such as Illinois, presume that if property owned by two or more individuals is not clearly titled (such as without mention of a survivorship provision - see joint ownership with survivorship below), it is owned in tenancy in common.
