Holding Title to Illinois Real Estate

 Posted on December 00, 0000 in Naperville Real Estate Attorney

When you take legal title to real estate as an individual, there is no question as to how title to the real estate is held. However, when one or more persons take legal title of real estate, Illinois law allows title to be held in three different ways. A knowledgeable real estate lawyer can help you determine which type of ownership best suits you.

The first option for multiple owners is that parties can hold real estate as “tenants in common.” This is the most typical and basic type of joint ownership. If no other type of joint ownership is specified, then it is presumed that the property is held as tenants in common. The joint owners can hold the property in equal or unequal shares, but they both or all have the legal right to utilize all of the property.

Another option for when more than one owner is involved is that joint owners can hold title to property as “joint tenants with right of survivorship.” In this situation, the owners must take title to the property at the same time, by the same document or deed, in equal shares and having equal rights to possession. If one of the owners dies, then the remaining owners are entitled to the shares of the deceased owner. In Illinois, the Joint Tenancy Act governs joint tenancies.

Finally, co-owners of real estate can hold title to it as “tenants by the entirety.” This type of ownership is reserved solely for married couples, and is most similar to a joint tenancy, except that, of course, the joint owners must be married. Therefore, if one spouse dies, the other spouse automatically takes titles to the real estate.

The process of transferring title to real estate and setting up various forms of joint ownership can be complex. For advice about the best form of ownership for your situation, you need to contact a qualified Chicago area real estate attorney for assistance.