A deed is an instrument by which an owner (the grantor) transfers an interest in land to a new owner (the grantee). No consideration is required to make the deed effective. The deed is necessary to transfer title to land even if it is a gift. It has no effect, and title does not pass until the deed has been delivered. The recording of the deed is not required to make the deed effective to pass title between the buyer and the seller. However, recording is necessary so that the public will know that the buyer is the present owner. Recording constitutes "notice to the world" of the transfer in title.
The grantor is the person selling the property. The grantee is the person buying the property. A grant deed is a deed containing an implied warranty that there are no encumbrances on the property not described in the deed and that the person transferring the property actually owns the title. It must describe the property by legal description of boundaries and/or parcel numbers, be signed by all people transferring the property, and be acknowledged before a notary public. It is in contrast to a quit claim deed, which only conveys the interest that the transferor actually owns, if any, without a warranty of ownership.
A Cook County Illinois Grant Deed is a legal document used in real estate transactions to transfer ownership of a property located within Cook County, Illinois. It serves as proof of ownership. When a property is sold or transferred, the Grant Deed must be recorded with the Cook County Recorder of Deeds to make it official. Key elements of a Cook Illinois Grant Deed include the names of the granter (current property owner) and grantee (the party receiving the property), a legal description of the property being transferred, and a statement of consideration (the amount paid for the property or other valuable consideration exchanged). A Grant Deed also includes the granter's guarantee that they hold a clear and marketable title to the property and that they have the legal right to transfer ownership. There are different types of Grant Deeds that can be used in Cook County, Illinois, depending on the specific circumstances of the transaction: 1. General Grant Deed: This is the most common type of Grant Deed used in Cook County, Illinois. It transfers ownership of a property from the granter to the grantee without any specific limitations or conditions. 2. Special Grant Deed: This type of Grant Deed includes certain conditions or restrictions on the transfer of property. For example, the granter may restrict the use of the property to a specific purpose or limit the grantee's ability to sell or transfer the property to a third party without their consent. 3. Quitclaim Deed: Although not technically a Grant Deed, a Quitclaim Deed is often used in Cook County, Illinois, to transfer ownership between family members or in situations where the granter cannot provide a full warranty of the title. A Quitclaim Deed releases any interest the granter may have in the property without making any guarantees about the title's quality. It is essential to consult with a real estate attorney or title company to ensure that the appropriate type of Grant Deed is used for a specific property transfer in Cook County, Illinois. Properly executing and recording the Grant Deed protects the grantee's interests and establishes a clear chain of title for the property.
