Illinois Granting Clause
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How to fill out Granting Clause?
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FAQ
General Warranty Deeds provide the highest level of protection to buyers and are typically used in traditional real estate transactions. They are considered the gold standard of deeds.
Granting Clause: The clause in the deed that lists the grantor and the grantee and states that the property is being transferred between the parties.
If you're the spouse receiving the property, once you remove your ex's name and the property is transferred to you by quitclaim deed, you own all of it. You should review your prior deeds or have an attorney review them for you to help ensure there are no defects in the title.
A general warranty deed is the gold standard of property transfers. This type of deed is overwhelmingly used in residential purchases. Most lenders require a warranty deed for properties they finance. It offers buyers the greatest possible protection from future claims against the title.
However, by judicial interpretation and possible legislative acquiescence, Illinois is generally classified as a race-notice state. Applying a pure-race act to the hypothetical dispute between Brian and Aaron about the sale of Oscar's house, Aaron would obviously prevail because he recorded first.
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. Mainly for this reason, general warranty deeds are the most commonly used type of deed in real estate sales.
Key Takeaways General warranty deeds give the grantee the most protection, special warranty deeds give the grantee more limited protection, and a quitclaim deed gives the grantee the least protection under the law.
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.