A Warranty Deed-Statutory (Illinois) is a legal document that is used to transfer real estate from one person (granter) to another person (grantee). This deed is a type of general warranty deed that is recognized in the state of Illinois and provides the grantee with covenants of title from the granter. The title is warranted to be free from any encumbrances or claims from any other person or entity, and the granter agrees to defend the title against any third party claims. The deed contains the following warranties: • General Warranty: This warranty states that the granter is the true owner of the property and that they have the right to convey it to the grantee. Basinin Warranty: This warranty states that the granter is in possession of the legal title to the property and has the right to convey it to the grantee. • Quiet Enjoyment Warranty: This warranty states that the grantee will be free from any disturbance of their possession or enjoyment of the property by any other person claiming a superior title. • Encumbrance Warranty: This warranty states that the property is free from any encumbrances or liens, and that the granter will defend the title against any third party claims. • Warranty of Title: This warranty states that the granter is conveying a good and marketable title to the grantee. The various types of Warranty Deed-Statutory (Illinois) include a Special Warranty Deed, a Quitclaim Deed, and a Bargain and Sale Deed.
Warranty Deed-Statutory (Illinois)
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FAQ
Adding someone to your house deed requires the filing of a legal form known as a quitclaim deed. When executed and notarized, the quitclaim deed legally overrides the current deed to your home. By filing the quitclaim deed, you can add someone to the title of your home, in effect transferring a share of ownership.
A Quit Claim Deed is required to clearly identify the grantor and grantee, the address of the property being transferred, a legal description of the property, the manner in which the grantee is taking title, a notarized signature of the grantor, and the name and address of the party that has prepared the deed.
How much does it cost to do a quitclaim deed in Illinois? Recording the Quitclaim Deed with the County All counties in Illinois now have flat / fixed pricing to record the deed. Amounts vary from $54 to $98 depending on the county.
A warranty deed promises that the grantor holds good, clear title to a piece of real estate. It promises also that the grantor has the right and authority right to sell it to the grantee or buyer. A quitclaim deed, on the other hand, makes no promises about the quality of the title to the property.
The first common requirement is that the deed must be in writing and signed by the grantor(s). 765 ILCS 5/1. Generally, deeds conveying a homestead estate must also be signed by the grantor's spouse, except where one spouse conveys to the other.
Deed Requirements Statement of exemption or transfer tax declaration. By whom the deed was prepared. To whom and where the future tax statements are to be sent. Notary seal, date, and signature. Orignial signatures (digital or photocopies of signatures are not acceptable by law)
A warranty deed ensures a buyer that the property is owned by the seller and is able to be sold without any encumbrances. A deed of trust is used in certain states, and represents a buyer's guarantee with their lender to repay the property loan as scheduled.
Signing - Before being filed with the County Recorder's Office, a quitclaim deed must be signed by the Grantor in the presence of a Notary Public.