Warranty Deed Vs Quit Claim Deed In Illinois
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FAQ
A warranty deed that transfers title to real estate from a grantor to a grantee. In Illinois, a warranty deed transfers title to the grantee with broad warranties and covenants of title and is the form of deed customarily used in residential real estate transactions.
In Illinois, quit claim deeds are a common tool for transferring property, but there are specific steps and legal requirements to follow.
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.
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.
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.
Deeds are typically characterized based on the sort of warranties in title delivered by the grantor. For example, the general warranty deed provides the highest protection level to the buyer, while the quitclaim deed often provides the least in an Illinois buyer protection.
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.
