This form is a Special Warranty Deed where the grantors are individual(s) or an entity and the grantee(s) are individual(s) or entity(ies). Grantor(s) convey and specially warrant the described property to the grantee(s). The grantor(s) only warrant and will defend the property only as to claims of persons claiming by, through or under grantor(s), but not otherwise. This deed complies with all state statutory laws.
Illinois Special Warranty Deed
Category:
State:
Illinois
Control #:
IL-019-78
Format:
Word;
Rich Text
Instant download
Description
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Key Concepts & Definitions
Special Warranty Deed: A type of deed form used in real estate transactions in the United States where the grantor guarantees the title only against defects arising during their period of ownership. Unlike general warranty deeds, which provide a broader warranty, this warranty does not cover title issues that may have existed before the grantor acquired the property. Quitclaim deeds are even less comprehensive, offering no warranties on the title, merely transferring whatever interest the grantor has in the property.
Step-by-Step Guide
- Verify the Need: Determine if a special warranty deed is appropriate for your real estate transaction, considering risk tolerance to potential title issues not covered by the deed.
- Obtain the Correct Deed Form: Secure a special warranty deed form that complies with local state regulations in the United States.
- Complete the Form: Fill out the deed form accurately, including all necessary legal descriptions and parties involved.
- Review with Legal Counsel: Have a real estate attorney review the completed document to ensure its correctness and adequacy.
- Execution: Sign the deed in the presence of a notary public.
- Record the Deed: File the deed with the appropriate county recorder's office to make it a part of the public record, thereby completing the transfer of property.
Risk Analysis
Utilizing a special warranty deed limits the buyer's protection against title defects to only those claims that arise during the sellers tenure. Potential risks include undisclosed title issues from previous owners that could surface, leading to legal disputes. To mitigate such risks, buyers often pair the use of special warranty deeds with title insurance, which can provide added protection against pre-existing title issues.
Best Practices
- Always Consult a Lawyer: Due to the legal complexities and significant financial implications, always engage with a real estate attorney to navigate the completion and recording of a special warranty deed.
- Consider Title Insurance: Given the limited protection provided by special warranty deeds, obtaining title insurance can safeguard against pre-existing issues.
- Accurate Record-Keeping: Retain copies of all transaction documents, including the deed, for future reference and proof of ownership.
Common Mistakes & How to Avoid Them
- Neglecting Legal Review: Failing to have the deed form reviewed by a lawyer can lead to oversight of critical issues. Ensure legal review to avoid oversights that could have drastic consequences.
- Inadequate Record-Keeping: Not properly recording the deed or losing essential documents can lead to disputes. Maintain thorough and organized records to facilitate smooth real estate transactions and ownership verification.
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FAQ
In Illinois, a special warranty deed transfers title in fee simple to the grantee with warranties and covenants of title that are limited to only the acts of the grantor or that result from the acts of the grantor and is the form of deed customarily used in commercial real estate transactions.
It's important to note that a warranty deed does not actually prove the grantor has ownership (a title search is the best way to prove that), but it is a promise by the grantor that they are transferring ownership and if it turns out they don't actually own the property, the grantor will be responsible for compensating
In order to make the Warranty Deed legally binding, the Seller needs to sign it front of a notary public. Then signed and notarized deed must be filed at the city or county office for recording property documents. Before filing with this office all previously billed property taxes must be paid in full.
Locate the most recent deed to the property. Create the new deed. Sign and notarize the new deed. Record the deed in the Illinois land records.
A special warranty deed to real estate offers protection to the buyer through the seller's guarantee that the title has been free and clear of encumbrances during their ownership of the property. It does not guarantee clear title beyond their ownership.
Let's start with the definition of a deed: DEED: A written instrument by which one party, the Grantor, conveys the title of ownership in property to another party, the Grantee. A Warranty Deed contains promises, called covenants, that the Grantor makes to the Grantee.
Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded. These are your original copies and should be kept in a safe place, such as a fireproof lockbox or a safe deposit box at a financial institution.
A warranty deed guarantees that: The grantor is the rightful owner of the property and has the legal right to transfer the title.The title would withstand third-party claims to ownership of the property. The grantor will do anything to ensure the grantee's title to the property.
One of the most common ways property owners add spouses to real estate titles is by using quitclaim deeds. Once completed and filed, quitclaim deed forms effectually transfer a share of ownership from the owners, or grantors, to their spouses, or the grantees.