Illinois Partition Warranty Deed
Description
How to fill out Partition Warranty Deed?
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FAQ
While the seller in a Warranty Deed must defend the title against all other claims and compensate the buyer for any unsettled debts or damages, the seller in a Special Warranty Deed is only responsible for debts and problems accrued or caused during his ownership of the property.
In Illinois, a special warranty deed transfers title to the grantee with limited warranties and covenants of title and is the form of deed customarily used in commercial real estate transactions.
Special warranty deeds do not protect against mistakes in a free-and-clear title that may exist before the seller's ownership. Thus, the grantor of a special warranty deed is only liable for debts, problems, or other encumbrances to the title that they caused during their property ownership.
In Illinois, a special warranty deed transfers title to the grantee with limited warranties and covenants of title and is the form of deed customarily used in commercial real estate transactions.
The Warranty Deed is made in connection with a land trust agreement between the seller (the grantor) and the trustee. The trustee is given full power and authority to manage, improve, protect, subdivide, and lease the property. The grantor releases all of its interest in the property to the trustee.
Special warranty deeds are common for commercial property, estates or foreclosures. These deeds guarantee a title is clear and free from the seller's ownership period and excludes claims resulting from prior owners. These deeds are best for sellers, while general warranty deeds offer more protections for buyers.
The main difference between a grant deed vs. warranty deed is the level of protection offered. A warranty deed offers a higher level of protection than a grant deed. With a grant deed, the grantor is guaranteeing that they haven't sold the property to anyone else, and that it is clear of any liens or restrictions.
How Do I Get a Warranty Deed in Illinois? In most cases, property owners turn to a real estate attorney to complete a warranty deed in the state of Illinois. While warranty deeds can be created on your own, they must comply with legal requirements and include the necessary language to make them official.
