The Illinois Granting Clause is a legal term used frequently in real estate. It refers to a provision within a deed that outlines the ownership rights of the grantee or buyer, guaranteeing that the granter or seller holds clear title to the property being transferred. This clause is vital as it provides a legal assurance to the grantee that they are obtaining full and undisputed ownership of the property. The Illinois Granting Clause is typically included in a warranty deed, which is one of the most common types of deeds used in real estate transactions. This clause serves as a key element in proving the seller's promise of conveying ownership rights to the buyer. The presence of this clause also ensures that the granter will defend the grantee's ownership against any third-party claims. There are two main types of Illinois Granting Clauses commonly used in real estate deeds: 1. Special Warranty Deed: This type of Granting Clause guarantees that the seller or granter will defend the title against any claims arising solely during their period of ownership. In other words, the granter assures that they have not personally disturbed or encumbered the property, but they do not take responsibility for issues arising prior to their ownership. 2. General Warranty Deed: This Granting Clause offers the highest level of protection to the grantee. It assures that the granter will defend the title against any claims, whether they arose during their ownership or prior to it. The granter assumes responsibility for any defects or encumbrances that may exist in the property's title history. Both types of Granting Clauses play a crucial role in real estate transactions, providing assurance to both buyers and sellers. The choice between a Special Warranty Deed and a General Warranty Deed depends on the negotiation between the parties involved, with the General Warranty Deed generally offering greater protection to the buyer. In conclusion, the Illinois Granting Clause is a vital component of real estate transactions. It guarantees that the granter holds clear title and promises to defend the grantee's ownership rights against any claims. The two main types of Granting Clauses used in Illinois are the Special Warranty Deed and the General Warranty Deed, each offering different levels of protection to the buyer.
Illinois Granting Clause
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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.