A Chicago Illinois Quit Claim Deed in Trust is a legal document that transfers ownership of real estate property within Chicago, Illinois, from one party (the granter) to another party (the grantee) in a specific way. This type of deed is commonly used when the transfer of ownership occurs between parties that have an existing trust relationship. A quit claim deed in trust provides a way to transfer property title without warranties or guarantees of clear title. The granter simply transfers whatever interest they may have in the property to the grantee, without making any promises regarding the property's history or current condition. This means that if any issues or claims arise in the future, the grantee cannot hold the granter liable or seek remedies from them. It is important to note that a quit claim deed in trust may have several variations based on the specific circumstances and goals of the parties involved. A few different types of Chicago Illinois Quit Claim Deed in Trust are: 1. Inter Vivos Trust Quit Claim Deed: This type of deed is used when a granter transfers property into an inter vivos (also known as a living) trust. The granter becomes the initial trustee and maintains control over the property during their lifetime. Upon their death, the property is transferred to the named beneficiaries of the trust without having to go through probate. 2. Revocable Trust Quit Claim Deed: This type of deed is executed when a granter wishes to create a revocable trust for their property. The granter continues to have full control over the property during their lifetime and can make changes or revoke the trust at any time. Similar to an inter vivos trust, the property is transferred to the named beneficiaries upon the granter's death, avoiding probate. 3. Irrevocable Trust Quit Claim Deed: This type of deed is used when a granter intends to create an irrevocable trust, meaning the terms of the trust cannot be altered or revoked once established. The granter relinquishes all control and ownership rights to the property. This is often done for estate planning purposes, as the property is transferred out of the granter's estate and may have certain tax advantages. Overall, a Chicago Illinois Quit Claim Deed in Trust is a legal instrument used to transfer property ownership within the city of Chicago, Illinois, in a way that aligns with the specific trust relationship between the parties involved. It is essential to consult with a qualified attorney or legal professional to ensure all legal requirements and goals are met when executing this type of deed.
Chicago Illinois Quit Claim Deed in Trust
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A quitclaim deed requires trust on the part of the person receiving the deed, because the person transferring it, also known as the grantor, isn't guaranteeing they actually own the property. With a quitclaim deed, when you're getting the property, you're only getting what the grantor actually owns.
LEGAL FEES - ILLINOIS QUIT CLAIM DEEDS The most basic service that most people chose is for me to prepare the Illinois quitclaim deed and grantor/grantee statement for $150. With this option, it will be your responsibility to get the local transfer stamp (if required) and get the deed recorded with the County Recorder.
Recording ? The quitclaim deed must be recorded in the County Recorder's Office where the real estate is located (See County List). Signing (765 ILCS 5/20) ? A quit claim deed in the State of Illinois is required to be signed with a notary public present before being recorded.
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.
Visit one of the Cook County Recorder of Deeds offices. Offices are located in downtown Chicago, Bridgeview, Markham, Skokie, Rolling Meadows, and Maywood. Give the deed to the clerk and ask for it to be ?recorded.? Recording a deed means to file it.
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Download the “Relative Quit Claim Illinois statute states that if there is a “relative” or “parent of the decedent” (such as a parent, child, grandparent, grandchild, brother or sister) (collectively, “relatives”), then a quitclaim deed form must be delivered to them along with the proper fee. However, once all heirs have signed and sealed the contract, the remaining heirs to a decedent's estate may execute a contract to give up the entire trust property as a quitclaim deed. If this does not occur, then the trust deed will transfer to the trust without any rights to the benefit of the remaining decedents. Step 2: The Illinois quitclaim deed form is also a statutory document and can't be executed by individuals without first being recorded and copyrighted. Therefore, you can't prepare it by yourself and then execute it yourself without a separate agreement.
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