How is Your Home Titled In Illinois?
In Illinois, homes can be titled as one of the following:
Sole Ownership: A single person owns the property and their name is listed on the title as the sole owner.
Joint Tenancy: Two or more people own the property together, and each person's name is listed on the title. Upon the death of one joint tenant, their share of the property passes to the surviving joint tenant(s) automatically.
Tenancy in Common: Two or more people own the property together, but each person's share is not automatically passed to the others upon death. Instead, it passes through the person's will or under state intestacy laws if there is no will.
Community Property: A type of joint ownership available only to married couples in which both spouses have an equal interest in the property.
It is important to note that the manner in which a property is titled can have important legal and financial implications, and it is recommended that individuals consult with a real estate attorney or financial advisor to determine the best option for their situation.
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