Quitclaim Deed Illinois With Example

State:
Illinois
Control #:
IL-07-77
Format:
Word; 
Rich Text
Instant download

Description

The Quitclaim Deed in Illinois is a legal document used to transfer ownership of real estate from one party (the grantor) to another (the grantee), specifically from an individual to a Limited Liability Company (LLC). This form is particularly useful when the grantor wants to relinquish any claim to the property without providing warranties on the title, making it suitable for situations involving family transfers, divorces, or estate settlements. Key features include sections for the grantor and grantee's names, property description, the acknowledgment of consideration paid, and a release of rights under the state’s Homestead Laws. To fill out this form, the user must include the names and addresses of both parties, a legal description of the property, and signatures witnessed by a Notary Public. The form should be recorded in the appropriate county office to finalize the transfer. Attorneys, partners, and paralegals will find this form indispensable for quickly and effectively transferring property interests without extensive legal negotiations, while owners can utilize it for straightforward ownership changes.
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FAQ

LEGAL FEES - ILLINOIS QUIT CLAIM DEEDS The fee is $150 (or $160 if paid by credit card). It will be your responsibility to get the transfer stamps (if necessary) and get the deed recorded with the County Recorder. There is nothing legal about obtaining the municipal stamp and recording the deed.

Con #1 ? It Complicates Things First, it will make dealing with the home more complicated. The people you add to the deed will need to consent to everything you do with the property?sell it, mortgage it, lease it, etc. If any of the new owners refuse to cooperate, you'll need a court order to resolve the matter.

How Do Homeowners Add Spouses to Property Deeds? One of the most common ways property owners add spouses to real estate titles is by using quitclaim deeds. Once completed and filed, quitclaim deed forms effectually transfer a share of ownership from the owners, or grantors, to their spouses, or the grantees.

For a property deed transfer by quitclaim in Illinois, you must use the form that's used in the county where the property is located. If the property is located in a county other than the one in which you live, call the County Recorder of Deeds in the other county to determine the proper quitclaim deed form to use.

Illinois deeds must meet the following content requirements: Current owner (grantor) and new owner (grantee) name and address. An Illinois deed that transfers title to real estate must include on the face of the document the names and addresses of the current owner and the new owner. Granting clause.

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Quitclaim Deed Illinois With Example