Warranty Deed Vs Quitclaim Deed For Property In Cook
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FAQ
What Is the Strongest Type of Deed? For real estate buyers, a general warranty deed provides greater protection than any other type of deed. While it's the best deed for the grantee, it gives the grantor the most liability.
It's safer to use a warranty deed any time you are not entirely sure of your or someone else's ownership stake in any property. If you are transferring a property to your child or to a revocable trust agreement as part of an estate plan, then a quitclaim deed could do the trick.
General warranty deeds give the grantee the most legal protection, while special warranty deeds give the grantee more limited protection. A quitclaim deed gives the grantee the least protection under the law.
The Cook County Quit Claim is a document used to transfer real estate property without warranties. It is used to transfer title from one party to another without warranties or any type of guarantee of title. This document is typically used in the transfer of real estate in Cook County, Illinois.
It's safer to use a warranty deed any time you are not entirely sure of your or someone else's ownership stake in any property. If you are transferring a property to your child or to a revocable trust agreement as part of an estate plan, then a quitclaim deed could do the trick.
Quitclaim deed transfers are ideal for: transferring property interest between family members, such as a parent to a child.
General warranty deed It's the type of deed that offers the most buyer protection. When committing to a general warranty deed, the seller is promising there are no liens against the property, and if there were, the seller would compensate the buyer for those claims.
A general warranty deed must include the following to be valid: The name and address of the seller (called the grantor) The name and address of the buyer (called the grantee) A legal description of the property (found on the previous deed) A statement that the grantor is transferring the property to the grantee.
From ensuring that you are using the correct tenancy, listing the correct grantor(s) and grantee(s), fulfilling all state, county and municipal requirements, and are filing in the most efficient way possible, it is highly advisable to have a lawyer assist with your quitclaim deed preparation and recording.
