This form is a Warranty Deed where the grantor is a corporation and the grantee is a corporation. Grantor conveys and warrants the described property to the grantee. This deed complies with all state statutory laws.
Illinois Warranty Deed - Corporation to Trust
Category:
State:
Illinois
Control #:
IL-020-78
Format:
Word;
Rich Text
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FAQ
Locate your current deed. Use the proper deed. Check with your title insurance company and lender. Prepare a new deed. Sign in the presence of a notary. Record the deed in the county clerk's office. Locate the deed that's in trust. Use the proper deed.
Warranty Deed Vs Deed of Trust. Both a warranty deed and deed of trust are used to transfer the title of a property from one person to another.As you now know, a deed of trust protects the beneficiary (lender). A warranty deed, on the other hand, protects the property owner.
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
A trustee deed offers no such warranties about the title.
A warranty deed protects property owners from future claims that someone else actually owns a portion (or all) of their property, while trustee deeds protect lenders when borrowers default on their mortgage loans.
Quitclaim Deed. Deed of Trust. Warranty Deed. Grant Deed. Bargain and Sale Deed. Mortgage Deed.
A deed conveys ownership; a deed of trust secures a loan.
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.
Yes, there are key differences between the two. With a deed, you transfer the ownership of the property to one party. In contrast, a deed of trust does not mean the holder owns the property. In an arrangement involving a deed of trust, the borrower signs a contract with the lender with details regarding the loan.