For anyone living in Chicago and considering an ownership interest in real property, enlisting legal assistance is a must to make sure all transactions are conducted properly and legally. Buying, selling, or leasing property in Chicago requires a wealth of understanding related to local land regulations, and this can make the process difficult to navigate alone. If you are considering taking on an ownership interest in any kind of real estate in Chicago, the key is to seek legal advice from experienced business lawyers in the area.

What Are an Owner's Rights?

When a property is purchased, the owner has the exclusive right to possess, use, and dispose of the property. In addition, the owner of real estate can extend certain legal rights to other parties. This can be done through a written agreement that addresses the rights of the owners (for example, an executory contract) or by using a deed that conveys certain titles.

For those looking to take on an ownership interest in property in Chicago, it is important to understand the different types of ownership structure to ensure the appropriateness for your situation. Obtaining legal advice will help gain a better understanding of these different structures. There are three primary ownership structures available: joint tenancy, tenancy-in-common, and tenancy-by-the-entirety.

Joint Tenancy

The first type of ownership structure is joint tenancy. Under this structure, two or more people own the property jointly. Each person has an 'undivided interest' in the property and the right of survivorship. This means that upon the death of one party, the rights of that party automatically transfer to the survivor. Generally, in a joint tenancy, all of the owners have the same rights and interest in the property, allowing them all to possess, use, and convey the property. This type of ownership is common for married couples.


Tenancy-in-common is another type of ownership structure, and this one is defined by two or more parties who each own a fractional but separate share of the same property. Each tenant in common owns a portion of the real estate, and this portion can be transferred to any other person without having to involve the other tenants-in-common. This type of ownership does not have rights of survivorship; upon the death of one of the tenants-in-common, the deceased’s percentage will be determined according to the terms of the will and will be transferred in accordance with that document.


The third type of ownership structure is tenancy-by-the-entirety. This is similar to joint tenancy in that it is only possible for married couples. However, it has some distinctions; the most notable is that is that it has the right of survivorship (many states do not allow for survivorship of joint tenants). Also, one important feature of tenancy-by-the-entirety is that creditors for one spouse is not able to attach liens to the real estate held in tbe name of both spouses.

UpCounsel Legal Assistance

For those considering an ownership interest in real property in Chicago, understanding the different legal structures is key and obtaining legal advice is a must. With UpCounsel’s attorney network, businesses can easily access experienced attorneys with a wealth of industry knowledge and who specialize in the complexities of local law and regulations. By electing to use UpCounsel’s services, businesses can be confident that the attorneys have the experience to help navigate the situation and attain the best outcomes.


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