Get IL Quit Claim Deed - McHenry

Illinois Quit Claim Deed Form Summary The Illinois quit claim deed form gives the new owner whatever interest the current owner has in the property when the deed is signed and delivered. It makes no promises about whether the current owner has clear title to the property.

Quit Claim Deed Form Quit Claim Deed Form. The Illinois quitclaim deed is used to convey real estate in Illinois from one party to another, however, unlike a warranty deed, the seller or grantor, is not required to warrant the title to the property he is selling.

A quitclaim deed is also used to clear up title to property, if there is an issue with someone else possibly having an ownership right in the property, he or she can be asked to sign a quitclaim to make sure the new owner has complete title.

Rates vary by state and law office but typically fall in the range of $200 to $400 per hour. Title companies routinely prepare quitclaim deeds in many states. Fees for title companies vary, but a market scan shows an average of $100 to $200 for a simple quitclaim deed.

In most states, there is a period of two years following the deed's filing date during which the quitclaim deed can be contested. If either the grantor or grantee wants to challenge the validity of the quitclaim deed, the challenge must be made during this time period.

Rates vary by state and law office but typically fall in the range of $200 to $400 per hour. Title companies routinely prepare quitclaim deeds in many states. Fees for title companies vary, but a market scan shows an average of $100 to $200 for a simple quitclaim deed.

1. Consult an Attorney. Though this is an optional step, it is best to consult a real estate attorney prior to completing and filing a quit claim deed. ... It is optional, however, so completing and filing a quit claim deed does not require legal assistance.

Ask for and fill out a Preliminary Change of Ownership Report, file the signed and notarized deed with the county recorder, and pay the required filing fees. ... Other county recorders prefer to mail the original quit claim deed to the grantee.

Because no money changes hands during a quitclaim, the Internal Revenue Service applies federal gift tax rules to these transactions. Under the gift tax rules, the grantor must pay tax on the property through a federal income tax return.

The Quit Claim Deed form uses the terms of Grantor (Seller or Owner of said property) and Grantee (Buyer of said property) for the two parties involved. First, the parties must fill in the date. Then, write in the name of the county and state in which the property is located.

A quitclaim deed is a legal instrument that is used to transfer interest in real property. The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee.

Quitclaim deeds are most often used to transfer property within a family. For example, when an owner gets married and wants to add a spouse's name to the title, or when the owners divorce and one spouse's name is removed from the title.

Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money. Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage.

In some cases, the grantor does have a mortgage while filing a quitclaim deed. ... This is because a quitclaim merely transfers ownership not any debts or claims to the property. The new owner will have the title of the property, but the original grantor will still be liable for the outstanding mortgage.

In most states, there is a period of two years following the deed's filing date during which the quitclaim deed can be contested. If either the grantor or grantee wants to challenge the validity of the quitclaim deed, the challenge must be made during this time period.