The complete legal description of the propertyįor recordation purposes, the deed must have the return address to be used, as well as the document’s/ page’s/ book’s numbers from which any past deeds for the property were recorded. The consideration, if any, paid for the property The legal name and the mailing address of the grantee That the deed must carry the legal name and mailing address of the grantor The statutory requirements of the quitclaim deed form are outlined in section 765 ILCS 5/10. The best of the templates is the free Illinois quitclaim deed which guides you on all the sections and the details you need to provide. It is also important to note that preparing this deed is simple because you only need to download a printable PDF template to get started. You might also need the deed to introduce new information into the title.Įven though the quitclaim carries no warranties over the ownership of the property or past encumbrances, it remains a legal instrument which means that there are statutory requirements you should adhere to. In the event of a foreclosure on the property, the government which holds temporary ownership over the property could use the document to transfer the interests in the property to the person who buys the property. You could also use the deed to transfer property to a business entity or a business partner. This is common after a divorce where a grantor removes their ex-spouse from the deed. The transfer of your real property rights/ interests to your childrenĬhanging the details on a property title. The transfer of real property interests into a trust or a living trust The other legally acceptable uses of the deed include: It is not, however, the only use you could put this legal instrument to. One of the most common uses of the quitclaim is gifting a loved one of your interests in real property. It is not, however, called a quick claim deed, regardless of how fast it speeds up the transfer of title and interests in property.ĭespite being a legal instrument, the quitclaim does not provide any warranties on the property title, meaning that in the event of title issues, the grantee will be out of luck, and they might lose their interests in the property. This deed is also called a quitclaim deed form, a non-warranty deed or simply a quitclaim. As the transferor of the real property rights, you are referred to as the grantor while the recipient of the rights is the grantee. The quitclaim deed in Illinois, unlike the general or the special warranty deed, refers to the legal instrument used to convey real property interests from one party to another, but without any warranties on the title. And as long as you are not planning to exchange your rights for money, you’ll have to use the quitclaim deed. If you intend to transfer your residential property rights to a loved one or a trust, you must already know that you will need to prepare and sign a written document to execute the transfer. The Laws Governing the Quitclaim Deed in Illinois Do any of these situations apply to this Quitclaim Deed?.Required for an oil and gas lease valued at less than $100.00.The debt on the property being transferred is more than the property's value. Transfers full ownership to a business you own or you, as owner, of a business are transferring property from the business to your individual name.Necessary to transfer title after the terms of a land contract are met.
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