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Warranty Deed for Separate or Joint Property to Joint Tenancy - Illinois

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The document is a Warranty Deed form for the State of Illinois, prepared by U.S. Legal Forms, Inc. It provides instructions for completing the form using Microsoft Word, including notes on unlocking and filling in fields. The document outlines exemptions under the Illinois Property Tax Code related to real estate transfer taxes and includes legal disclaimers regarding the use of the forms. The Warranty Deed itself facilitates the transfer of property between individuals as joint tenants with rights of survivorship.

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What are the disadvantages of a warranty deed?

Limitations of Warranty Deeds While warranty deeds offer some key benefits, there are also some limitations, such as: A special warranty deed only guarantees that the title is clear of any claims or encumbrances during the time that the grantor owned the property.

What does joint tenants mean on a warranty deed?

Joint tenancy is a form of co-ownership where two or more individuals share equal ownership rights to a property. Each owner has an undivided interest in the property, and if one owner passes away, their share automatically transfers to the surviving owner(s).

Can one person sell a house with two names on the title in Illinois?

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.

What is the joint tenancy law in Illinois?

A joint tenancy is one method of owning real estate in Illinois that gives multiple owners equal shares in the property. The key feature of a joint tenancy is that each owner (called a joint tenant) has a right of survivorship.

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