Chicago Illinois Warranty Deed for Separate or Joint Property to Joint Tenancy
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How to fill out Illinois Warranty Deed For Separate Or Joint Property To Joint Tenancy?
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FAQ
Tenant by the Entirety in Illinois This is a form of ownership specifically created for spouses. 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.
For this reason, Illinois law requires that co-owners of property make a decision about how the title of the property is held. In Illinois, a title can be held in three ways: tenancy by the entirety, tenants in common, or joint tenants with the right of survivorship.
Joint tenancy is a form of property ownership normally associated with real estate. Two or more parties come together at the same time to make a legally-binding agreement with one another through a deed. These parties may be relatives, friends, or even business associates.
What is a joint tenancy? This is where 2 or more joint owners hold the whole of the property together and in equal shares. On the death of any one or more of the owners, those shares pass automatically to surviving joint tenants by something called the right of survivorship.
There is a specific statute in Illinois that deals with tenancy by the entirety ownership of real estate. There are certain rules to holding title to real estate as tenants by the entirety: Only two people may hold title to property as tenants by the entirety and they must be married to each other.
Joint tenants need not be married or otherwise related, and any sort of property, real or personal, may be held in joint tenancy. Only married couples may hold property as tenants by the entirety in Illinois, and they may use that form of ownership only for homestead property.
Tenants by the Entirety in Illinois is one of the best ways for a married couple to take title. It is only available to married couples and you can only have one property as tenants by the entirety.
JOINT TENANCY Similar to ?tenancy in common?, all owners have an undivided interest in the whole property and can use the entire property. The main difference from tenancy in common is that there is a unity of ownership.
In Illinois, holding title to a home in the form of tenancy by the entirety is a way for married couples to protect their homestead from creditors, and help ensure a smooth estate transition during a difficult time.