Illinois Quitclaim Deed by Two Individuals to Corporation
What this document covers
The Quitclaim Deed by Two Individuals to Corporation is a legal document that transfers ownership of property from two individuals (grantors) to a corporation (grantee). Unlike other types of deeds, a quitclaim deed does not guarantee that the grantor has clear title to the property; it merely conveys whatever interest the grantor may have in the property. This form is particularly useful for straightforward property transfers where no title insurance or warranties are needed.
Key components of this form
- Legal description of the property being transferred, referenced as Exhibit A.
- Statement of reservation, specifically mentioning the exclusion of oil, gas, and minerals.
- Confirmation of the grantee (the corporation) and its assigns receiving the property.
- Notary acknowledgment verifying the identities of the grantors and the authenticity of signatures.
- Exemption clause relating to real estate transfer stamps under the appropriate legislation.
Situations where this form applies
This quitclaim deed is typically used when two individuals wish to transfer property ownership to a corporation, often in situations such as business asset transfers, estate settlements, or gifts. It is appropriate when the parties involved are aware of the property's title status and want to avoid lengthy title searches or warranties.
Intended users of this form
- Property owners who are transferring property rights to a corporation.
- Individuals involved in estate planning or settlement who need to change property ownership.
- Real estate professionals assisting clients with business property transfers.
Steps to complete this form
- Identify and list the names and addresses of the two individuals transferring the property.
- Specify the corporation that will receive the property by entering its legal name.
- Attach a legal description of the property in exhibit format, as noted in the form.
- Include the necessary reservation of rights, specifically for oil, gas, and minerals, if applicable.
- Both grantors must sign the form in the presence of a notary public for it to be valid.
Notarization guidance
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to provide a complete and accurate legal description of the property.
- Not attaching the required exhibit referencing the property details.
- Omitting the signature of one or both grantors in the presence of a notary.
- Neglecting to specify any reservations about property rights, leading to potential disputes.
Why use this form online
- Convenient: Downloadable form that can be filled out at your own pace.
- Editability: Easily modify sections as necessary before finalizing the document.
- Reliable: Prepared by licensed attorneys, ensuring legal compliance.
- Time-saving: No need to visit a lawyer in person for form preparation.
Quick recap
- The Quitclaim Deed by Two Individuals to Corporation is a simple way to transfer property rights.
- Be aware of the implications of excluding warranty on title with a quitclaim deed.
- Complete the form accurately, including proper notarization for validity.
- This form is suitable for transfers in Illinois, following local legal requirements.
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FAQ
A quitclaim deed is a deed (proof of ownership) that is passed from a grantor (the existing property owner) to a grantee (the new property owner) that does not have a warranty.A quitclaim deed has no guarantees for the grantor or grantee.
A quitclaim deed is quick and easy because it transfers all of one person's interest in the property to another.The deed transfers all claims the seller has to the property, if any. If the seller has no interest in the real estate, no interest is transferred.
A quitclaim deed in Illinois is often used to transfer property between close family members or trusted friends.A quitclaim deed requires trust on the part of the person receiving the deed, because the person transferring it, also known as the grantor, isn't guaranteeing they actually own the property.
A quitclaim deed affects ownership and the name on the deed, not the mortgage. Because quitclaim deeds expose the grantee to certain risks, they are most often used between family members and where there is no exchange of money.Quitclaim deeds transfer title but do not affect mortgages.
A quitclaim deed transfers title but makes no promises at all about the owner's title.A person who signs a quitclaim deed to transfer property they do not own results in no title at all being transferred since there is no actual ownership interest. The quitclaim deed only transfers the type of title you own.
The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.
But you might be wondering if an owner can transfer a deed to another person without a real estate lawyer. The answer is yes. Parties to a transaction are always free to prepare their own deeds.A quitclaim deed, for example, is far simpler than a warranty deed.
Yes, you can use a Quitclaim Deed to transfer a gift of property to someone. You must still include consideration when filing your Quitclaim Deed with the County Recorder's Office to show that title has been transferred, so you would use $10.00 as the consideration for the property.
