If you are buying a house or other real estate in Illinois with another person, beware that there are 3 different ways to take ownership which will be reflected on deeds and mortgage documents. How you take title to your property will determine:
- Who can sign documents for the property
- Future ownership of the property after an owner dies
- Who is responsible for creditor claims
1. Tenants In Common:
This means that each owner has an equal ownership interest as the other owners, unless otherwise specified.
2. Joint Tenancy With Right of Survivorship:
This means all of the parties own an equal percentage of the property and all parties have an equal right to possession of the property.
3. Tenants By The Entirety:
This option is available only to married couples for their principal residence because it provides extra protections to the marital property.