Warranty Deed for Husband and Wife Converting Property from Tenants in Common to Joint Tenancy - Illinois: Fill out & sign online

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How should married couples hold title in Illinois?

Tenancy by the entirety in Illinois is a means of holding title that is exclusively available to married couples.

Is Illinois a tenancy by the entirety?

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 may not dispose of their respective shares of their property without the consent of both.

What is a warranty deed in Illinois?

A warranty deed that transfers title to real estate from a grantor to a grantee. In Illinois, a warranty deed transfers title to the grantee with broad warranties and covenants of title and is the form of deed customarily used in residential real estate transactions.

What happens to a jointly owned property if one owner dies in Illinois?

Property owned in joint tenancy automatically passes to the surviving owners when one owner dies. No probate is necessary. Joint tenancy often works well when couples (married or not) acquire real estate, vehicles, bank accounts or other valuable property together.

What is the most common way for married couples to take title?

Spouses typically acquire title as tenants by the entireties, which only applies to spouses. Sometimes you will see a couple who acquired the property before marriage. In some states, a pre-marital joint tenancy automatically becomes tenants by the entireties upon marriage.

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