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Make sure to fill in your name and address, and the name and address of the other party involved in the transfer. To fill out a quitclaim deed, all you need is information about the property and the person to whom you're transferring your interest.Quit claim deeds can be very useful in divorce situations. Title Companies - Looking for a Quit Claim Deed template? An Illinois Quitclaim Deed conveys whatever ownership the Grantor has in the property to the Grantee without any warranties. A Quitclaim Deed is a legal document for a person or company to give up legal interest in property. A quitclaim deed transfers ownership, but it does not guarantee that the property is free from encumbrances such as liens, judgments, or unpaid taxes. A quitclaim deed is a way to transfer home ownership in divorce, but not without consequence. Avoid mistakes with these best practices. You would probably be safe using 10 dollars for consideration.