A Quit Claim Deed-Illinois Statutory is a legal document that is used to transfer interest in a property from one party to another. It is a simple form of conveyance that can be used by individuals or entities to transfer real estate ownership quickly. The Quit Claim Deed-Illinois Statutory is a form recognized by the state of Illinois and is typically used when the granter is uncertain of the interest they have in the property, or when the granter wishes to transfer all of their interest in the property. The Quit Claim Deed-Illinois Statutory does not guarantee that the granter has good title to the property and does not provide any warranties or promises of clear title. There are two main types of Quit Claim Deed-Illinois Statutory: the General Quit Claim Deed and the Special Quit Claim Deed. The General Quit Claim Deed is used to convey all the granter's right, title, and interest in the property, and the Special Quit Claim Deed is used to transfer a specific interest in the property.
Quit Claim Deed-Illinois Statutory
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FAQ
A Quit Claim Deed is required to clearly identify the grantor and grantee, the address of the property being transferred, a legal description of the property, the manner in which the grantee is taking title, a notarized signature of the grantor, and the name and address of the party that has prepared the deed.
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. The name and address of the grantee or grantees must appear on the face of the deed.
How much does it cost to do a quitclaim deed in Illinois? Recording the Quitclaim Deed with the County All counties in Illinois now have flat / fixed pricing to record the deed. Amounts vary from $54 to $98 depending on the county.
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
While individuals can use quitclaim deeds, a trustee attempting to transfer real property out of a trust to an individual cannot use a quitclaim deed in Illinois. The proper form in this case is a Trustee's Deed. The trustee uses a Trustee's Deed to transfer property to a particular person or to more than one person.
Signing - Before being filed with the County Recorder's Office, a quitclaim deed must be signed by the Grantor in the presence of a Notary Public.
The first common requirement is that the deed must be in writing and signed by the grantor(s). 765 ILCS 5/1. Generally, deeds conveying a homestead estate must also be signed by the grantor's spouse, except where one spouse conveys to the other.
A warranty deed that transfers title to real estate from a grantor to a grantee. In Illinois, a warranty deed transfers title to the grantee with broad warranties and covenants of title and is the form of deed customarily used in residential real estate transactions.