Illinois Warranty Deed from two Individuals to Corporation
Overview of this form
The Warranty Deed from two Individuals to Corporation is a legal document that transfers ownership of real property from two individuals (the grantors) to a corporation (the grantee). This form includes a warranty clause, guaranteeing that the grantors will defend the title against claims. It is distinct from other deeds, as it specifically involves two individual sellers and a corporate buyer, while also reserving certain mineral rights to the grantors.
Key components of this form
- Legal description of the property being transferred.
- Identification of the grantors (two individuals) and the grantee (a corporation).
- Reservation of oil, gas, and minerals by the grantors.
- Warranties of title by the grantors, ensuring the property is free from encumbrances.
- Notarization requirements for the validity of the deed.
When this form is needed
This warranty deed should be used when two individuals are transferring real estate to a corporation. It is appropriate in situations where the owners wish to ensure the corporate entity holds clear and marketable title to the property, while also retaining rights to any minerals beneath the surface. Common scenarios include business transactions involving property acquisitions or relocations of family-owned real estate into a corporate structure.
Intended users of this form
- Individuals who jointly own property and wish to transfer it to a corporation.
- Business owners wanting to formalize property ownership in the name of their corporation.
- Lawyers or legal representatives assisting clients with real estate transactions.
How to prepare this document
- Identify the parties involved by entering the full names of the grantors and the corporation.
- Clearly describe the property being transferred using the legal description provided in Exhibit A.
- Indicate any reservations, such as oil, gas, and mineral rights, that the grantors wish to retain.
- Have both grantors sign the form in the presence of a notary public.
- Ensure all signatures and dates are clearly legible to avoid any complications.
Is notarization required?
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to include a complete legal description of the property.
- Not reserving mineral rights when appropriate.
- Omitting signatures or not having the document notarized.
- Using incorrect names or designations for the grantors and grantee.
Benefits of completing this form online
- Instant access to professionally drafted legal documents.
- Edit and customize the form to fit specific needs.
- Streamlined process, saving time compared to traditional methods.
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FAQ
A special warranty deed to real estate offers protection to the buyer through the seller's guarantee that the title has been free and clear of encumbrances during their ownership of the property. It does not guarantee clear title beyond their ownership.
The first common requirement is that the deed must be in writing and signed by the grantor(s). 765 ILCS 5/1. Generally, deeds conveying a homestead estate must also be signed by the grantor's spouse, except where one spouse conveys to the other. A few other exceptions to this rule are set forth at 735 ILCS 5/12-904.
Retrieve your original deed. Get the appropriate deed form. Draft the deed. Sign the deed before a notary. Record the deed with the county recorder. Obtain the new original deed.
In Illinois, a special warranty deed transfers title in fee simple to the grantee with warranties and covenants of title that are limited to only the acts of the grantor or that result from the acts of the grantor and is the form of deed customarily used in commercial real estate transactions.
Corporate warranty deeds offer the seller's guarantee to the buyer in regards to the validity of the chain of title. Generally, special warranty deeds only protect against problems occurring since the seller purchased the property.
A quitclaim deed in Illinois is often used to transfer property between close family members or trusted friends.A quitclaim deed requires trust on the part of the person receiving the deed, because the person transferring it, also known as the grantor, isn't guaranteeing they actually own the property.
Locate the most recent deed to the property. Create the new deed. Sign and notarize the new deed. Record the deed in the Illinois land records.
The Illinois TOD deed form form allows property to be automatically transferred to a new owner when the current owner dies, without the need to go through probate. It also gives the current owner retained control over the property, including the right to change his or her mind about the transfer.
Discuss the terms of the deed with the new owners. Hire a real estate attorney to prepare the deed. Review the deed. Sign the deed in front of a notary public, with witnesses present. File the deed on public record.
