This form is an Authority to Release. The county clerk is authorized and requested to release from a deed of trust a parcel of land to the executor of the estate. The form must be signed in the presence of a notary public.
Deed Without Warranty Vs Quitclaim Deed In Illinois
State:
Multi-State
Control #:
US-00186
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
Warranty Deed Warranty Deeds are used in most home sales between unrelated parties because they offer the most protection for buyers without established trust. If any title issues arise after a sale, a Warranty Deed ensures that the seller remains responsible. There are two types of Warranty Deeds: special and general.
A quitclaim deed that transfers title to real estate from a grantor to a grantee. In Illinois, a quitclaim deed transfers title to the grantee without any warranties or covenants of title and is the form of deed customarily used in informal transactions or between related parties.
The two most common types of deeds are quitclaim deeds and warranty deeds. While both types transfer property rights, only the warranty deed includes additional promises about the land, namely that the grantor (owner) will be responsible for legal costs if anyone sues the grantee (buyer) claiming to have rights to it.
General Warranty Deeds offer the highest level of protection, while Limited Warranty Deeds limit the seller's warranties to their period of ownership. Quitclaim Deeds provide no warranties at all but can be useful in certain situations.
General warranty deeds give the grantee the most legal protection, while special warranty deeds give the grantee more limited protection. A quitclaim deed gives the grantee the least protection under the law.
Purchasing property claim via a quitclaim deed is risky because it does not guarantee that the seller has clear title or any ownership interest at all; meaning you could end up with no legal claim to the property if there are undisclosed issues.
This is because a quitclaim deed offers the lowest level of protection. When writing a quitclaim deed, the grantor isn't offering any protection or warranty to the grantee.
Recording of Deeds A deed must contain the names of the parties typed or printed to the side or below the signatures. This includes grantors as well as any witnesses and persons taking the acknowledgements. 765 ILCS 5/35c, 765 ILCS 5/9, 5/10.
For a quit claim deed to be valid in Illinois, it must include: Identification of Grantor and Grantee: The full legal names of both parties involved in the transfer. Legal Description of the Property: A precise description of the property being transferred, typically found on the original deed.
A warranty deed offers the strongest protection. It protects the party receiving the property title in case there turns out to be any issues with the title.
More info
Two of the most common types of deeds are the warranty deed and the quitclaim deed. Unlike a general warranty deed, an Illinois quitclaim deed does not assure a free and clear title.A warranty deed promises the seller that he or she legally owns the property. A warranty deed provides guarantees of clear title to real property and that the current owner has the legal right to sell it or transfer it to another party. No Warranty: Unlike warranty deeds, quit claim deeds do not provide any guarantee about the property's title status. A quitclaim deed is also called a nonwarranty deed and is the least safe form of title transfer, while a warranty deed is the safest. Quit claim deeds operates, in effect, as a release of whatever interest the grantor has or may have in the property. This is because a quitclaim deed only changes who owns the title to the property, but not the mortgage itself. An Illinois Quitclaim Deed conveys whatever ownership the Grantor has in the property to the Grantee without any warranties. Instead, quitclaim deeds are used when there is a property transfer outside of a real estate sale.