This form is an Authority to Release. The county clerk is authorized and requested to release from a deed of trust a parcel of land to the executor of the estate. The form must be signed in the presence of a notary public.
Special Warranty Deed Vs Quit Claim Deed In Chicago
State:
Multi-State
City:
Chicago
Control #:
US-00186
Format:
Word;
Rich Text
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FAQ
What Are The Dangers Of A Special Warranty Deed? Property debts are tied to the property's title, so buyers agreeing to a special warranty deed assume all responsibility for any liens or claims against the property that may have existed prior to the seller's ownership.
Common uses – Typically, quitclaim deeds are used for lower-risk transfers between related parties. In contrast, warranty deeds are used for real estate sales and high-value transactions involving unrelated grantees. Grantee risks – With a quitclaim deed, all risks remain with the grantee.
Long story short: If you are the buyer, then the warranty deed is more favorable to you because it provides a more solid legal protection. If you're the seller, the quitclaim deed is more favorable to you.
Encumbrances and Defects: The deed provides protection against encumbrances or defects that the seller caused or allowed during their ownership. Encumbrances can include liens, mortgages, easements, or any other claims against the property. ALSO READ How to Differentiate Between Quitclaim Deed Vs Grant Deed California?
A warranty deed offers the strongest protection. It protects the party receiving the property title in case there turns out to be any issues with the title.
A warranty deed promises the seller that he or she legally owns the property. If the seller is not the lawful owner, he or she can be held accountable to you for breach of contract.
Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.
A warranty deed offers the strongest protection. It protects the party receiving the property title in case there turns out to be any issues with the title.