This form is a Special Warranty Deed where the grantors are individual(s) or an entity and the grantee(s) are individual(s) or entity(ies). Grantor(s) convey and specially warrant the described property to the grantee(s). The grantor(s) only warrant and will defend the property only as to claims of persons claiming by, through or under grantor(s), but not otherwise. This deed complies with all state statutory laws.
Illinois Special Warranty Deed
Category:
State:
Illinois
Control #:
IL-019-78
Format:
Word;
Rich Text
Instant download
Description
Definition and meaning
An Illinois Special Warranty Deed is a legal document that facilitates the transfer of real estate ownership. It provides a guarantee from the seller (grantor) that they hold clear title to the property and that the property will be free from any claims or encumbrances arising during their period of ownership. However, the warranty only covers issues that have arisen while the grantor owned the property, making it less comprehensive than a general warranty deed.
How to complete a form
Completing the Illinois Special Warranty Deed involves several key steps:
- Fill in the names and addresses of the grantor(s) and grantee(s).
- Clearly indicate the sale price or consideration for the property.
- Provide the legal description of the property, attaching it as Exhibit A if necessary.
- Sign the deed in the presence of a notary public.
- Include any required transfer stamps.
Make sure all information is accurate to avoid delays in processing.
Who should use this form
The Illinois Special Warranty Deed is suitable for individuals or entities transferring real estate who want to assure buyers of their ownership rights and the condition of the property. It is particularly useful for real estate transactions where the seller is not confident providing a full warranty over the title due to potential pre-existing issues not directly related to their ownership.
Key components of the form
This form includes several essential components, such as:
- Grantor and Grantee Information: Names and addresses of both parties involved in the property transfer.
- Legal Description: A detailed description of the property being transferred, usually attached as Exhibit A.
- Consideration Amount: The amount of money exchanged for the property.
- Notary Acknowledgment: A certification by a notary public confirming signatures and the authenticity of the document.
Common mistakes to avoid when using this form
When completing the Illinois Special Warranty Deed, be mindful of the following common errors:
- Omitting the legal description of the property, which is crucial for the deed's validity.
- Failing to sign in the presence of a notary public.
- Not including transfer tax stamps when required.
- Providing inaccurate information about grantor or grantee details, which could lead to legal issues.
What to expect during notarization or witnessing
When notarizing an Illinois Special Warranty Deed, the notary public will:
- Verify the identity of the grantor(s) through valid identification.
- Witness the signing of the document and ensure that the grantor understands the deed’s purpose.
- Add their seal and signature to the document, acknowledging the authenticity of the signatures.
It is crucial for the notary to be present during the signing process to validate the deed legally.
Free preview
How to fill out Illinois Special Warranty Deed?
Locating Illinois Special Warranty Deed templates and completing them can be difficult.
To conserve time, expenses, and effort, utilize US Legal Forms and discover the appropriate sample specifically tailored for your state in just a few clicks.
Our attorneys prepare every document, so you merely need to complete them. It truly is that straightforward.
Choose your plan on the pricing page and set up your account. Opt to pay via credit card or PayPal. Save the document in your preferred format. Now you can print the Illinois Special Warranty Deed template or complete it using any online editor. There’s no need to fret about making errors, as your form can be utilized and submitted repeatedly. Explore US Legal Forms and gain access to over 85,000 state-specific legal and tax documents.
- Log in to your account and navigate back to the form's page to download the document.
- Your saved templates can be found in My documents and are accessible at all times for future use.
- If you have not subscribed yet, you must register.
- Review our comprehensive instructions on how to obtain your Illinois Special Warranty Deed sample in just a few minutes.
- To obtain an appropriate form, verify its validity for your state.
- Examine the example using the Preview feature (if available).
- If a description is provided, read it to grasp the details.
- Click Buy Now if you have found what you were looking for.
Form popularity
FAQ
In Illinois, a special warranty deed transfers title in fee simple to the grantee with warranties and covenants of title that are limited to only the acts of the grantor or that result from the acts of the grantor and is the form of deed customarily used in commercial real estate transactions.
It's important to note that a warranty deed does not actually prove the grantor has ownership (a title search is the best way to prove that), but it is a promise by the grantor that they are transferring ownership and if it turns out they don't actually own the property, the grantor will be responsible for compensating
In order to make the Warranty Deed legally binding, the Seller needs to sign it front of a notary public. Then signed and notarized deed must be filed at the city or county office for recording property documents. Before filing with this office all previously billed property taxes must be paid in full.
Locate the most recent deed to the property. Create the new deed. Sign and notarize the new deed. Record the deed in the Illinois land records.
A special warranty deed to real estate offers protection to the buyer through the seller's guarantee that the title has been free and clear of encumbrances during their ownership of the property. It does not guarantee clear title beyond their ownership.
Let's start with the definition of a deed: DEED: A written instrument by which one party, the Grantor, conveys the title of ownership in property to another party, the Grantee. A Warranty Deed contains promises, called covenants, that the Grantor makes to the Grantee.
Typically, the lender will provide you with a copy of the deed of trust after the closing. The original warranty deeds are often mailed to the grantee after they are recorded. These are your original copies and should be kept in a safe place, such as a fireproof lockbox or a safe deposit box at a financial institution.
A warranty deed guarantees that: The grantor is the rightful owner of the property and has the legal right to transfer the title.The title would withstand third-party claims to ownership of the property. The grantor will do anything to ensure the grantee's title to the property.
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.