Three Types of Title Holdings in Illinois
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This document discusses the three types of title holdings that exist in Illinois: joint tenancy, tenancy by the entirety, and tenants in common. Joint tenancy allows multiple people to take title to the same property at the same time, with each owner's share passing to the remaining owners upon their death. Tenancy by the entirety can only be established for married couples and involves preventing one spouse's share from being seized if they have judgments against them. Tenants in common also allows multiple people to hold title but does not automatically transfer an owner's share to the others upon death, instead passing it to their heirs.
Three Types of Title Holdings in Illinois
- 1. THREETYPES OF TITLE HOLDINGS IN ILLINOIS Cynthia Miller
- 2. Introduction ? For more than 20 years, Cynthia Miller has been working as a private practice attorney in Hinsdale, IL. In this capacity, Cynthia Ann Miller of Hinsdale, IL, represents buyers and sellers of commercial and residential real estate who are involved in a range of disputes and real estate matters, such as quiet title actions, leases, and boundary disputes. In the state of Illinois, ownership of real estate is conveyed via a title. This title can take on several forms depending on the implications of ownership transfer. Below are a three types of titles seen in the state: Joint tenancy When multiple people take the title of the same property at the same time, they create a joint tenancy. With this type of title, each owner controls part of the parcel and, upon their death, that share is given to the remaining owner(s). Joint tenancies most often involve married couples and can only be created properly if certain language noting the joint tenancy is included in the property’s deed.
- 3. Title Holdings ? Tenancy by the entirety Similar to joint tenancy, tenancy by the entirety can only be created when special language is included in the deed. Once set up, this type of title holding is only available to married couples and those who have a civil union. Its purpose is to prevent a couple’s home from being seized if one person in the couple has a judgment or lien against them. Tenants in common Similar to joint tenancy, tenants in common titles allow a property to be held by multiple names. However, ownership of one person’s share is not given to other owners upon their death. Instead, it is transferred to said owner’s heirs. If the owner wants, they can also pass on their portion of the property to other parties or dispose of their share at will.