How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 35282
Experience:  16 years real estate, Realtor. Landlord 26 years
19958803
Type Your Real Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

If a deed is recorded in Illinois on vacant land tenancy by

Customer Question

if a deed is recorded in Illinois on vacant land tenancy by the entirety, which you can't do because you must have a homestead to qualify for tenancy by the entirety ---- after the house is built, does tenancy by the entirety now apply?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

.

If the house is later built on the vacant lot, then it should be reconveyed with a quitclaim deed from the owners back to them stating tenants by the entirety to create that ownership interest and protection from creditors. Vacant land cannot be held as tenancy by the entirety. So the vacant lot would change to a joint tenancy if no other action is taken.

.

If a vacant lot is purchased for the construction of a homestead, after construction and occupancy, the land should be conveyed to themselves to create the tenancy by the entirety. An exception to that would be the purchase of the “lot next door” to add to an existing home site owned in tenancy by the entirety.

.

.

thanks

Barrister

Related Real Estate Law Questions