Illinois Warranty Deed for Surface and Mineral Interests
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How to fill out Warranty Deed For Surface And Mineral Interests?
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FAQ
How Do I Get a Warranty Deed in Illinois? In most cases, property owners turn to a real estate attorney to complete a warranty deed in the state of Illinois. While warranty deeds can be created on your own, they must comply with legal requirements and include the necessary language to make them official.
Gift Deed ? A gift deed is a special type of grant deed that ?gifts? ownership of real property interest to another person or entity. This deed is different from a standard grant deed because it specifically designates that the transfer was not subject to a sale, and the grantor received no monetary compensation.
While the seller in a Warranty Deed must defend the title against all other claims and compensate the buyer for any unsettled debts or damages, the seller in a Special Warranty Deed is only responsible for debts and problems accrued or caused during his ownership of the property.
In Illinois, a special warranty deed transfers title to the grantee with limited warranties and covenants of title and is the form of deed customarily used in commercial real estate transactions.
The main difference between a grant deed vs. warranty deed is the level of protection offered. A warranty deed offers a higher level of protection than a grant deed. With a grant deed, the grantor is guaranteeing that they haven't sold the property to anyone else, and that it is clear of any liens or restrictions.
A warranty deed or quit claim deed TRANSFERS TITLE or OWNERSHIP of real property. When you purchase property, you usually receive a warranty deed from the seller to you to show that you now own the property.
A general warranty deed is the most common type of deed used for transferring real estate. It basically promises that: not only does the seller have good and proper title to sell the property, but all the prior owners also had good title, thus making a complete ?chain of ownership?; and.
Grant deeds indeed prove ownership. Once the grantee receives the grant deed and records the documents with their local county office, they will become legally registered property owners.