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Warranty Deed to Separate Property of One Spouse to Both Spouses as Joint Tenants - Illinois

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The document is a Warranty Deed form prepared by U.S. Legal Forms, Inc. for the State of Illinois, facilitating the transfer of separate property from one spouse to both spouses as joint tenants with rights of survivorship. It includes instructions for completing the form using Microsoft Word, notes on exemptions under the Illinois Property Tax Code, and a disclaimer regarding legal advice and liability. The deed outlines the legal obligations of the grantor and grantees, ensuring that ownership passes to the surviving spouse upon death.

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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).

Does my wife need to be on the deed in Illinois?

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.

What is the point of joint tenancy?

Joint tenancy differs from other forms of ownership, such as tenancy in common, in that it includes the right of survivorship. This means that upon the death of one joint tenant, their interest in the property automatically passes to the surviving joint tenants.

What is a disadvantage of joint tenancy ownership?

Joint tenancy means equal ownership and equal responsibilities among co-owners. The right of survivorship allows a surviving tenant to inherit the property automatically after another tenants death. Joint tenancy differs from a tenancy in common, where a deceased tenants share goes to their heirs.

What is a property owned by both spouses called?

The community is you and your spouse. The property belongs to you both equally. Community property is: Anything you earned while married. Anything you bought with money you earned while married.