This form is a Warranty Deed where the Grantor is a Trust and the Grantee is also a Trust. Grantor conveys and warrants the described property to Trustee of the Grantee. This deed complies with all state statutory laws.
Chicago Illinois Warranty Deed from a Trust to a Trust
Category:
State:
Illinois
City:
Chicago
Control #:
IL-029-78
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Illinois Warranty Deed From A Trust To A Trust?
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FAQ
Overview of Illinois Real Estate Transfer Tax State real estate transfer tax are imposed at a rate of $0.50 per $500 of value stated in the Transfer Tax Return. County real estate transfer tax are imposed at a rate of $0.25 per $500 of value stated in the Transfer Tax Return.
According to Legal Zoom, a general warranty deed guarantees that: The grantor legally owns the property and has the legal right to transfer it. There are no outstanding mortgages, liens or other claims against the property by any creditor.
The buyer, or grantee, of a property benefits the most from obtaining a warranty deed. Through the recording of a warranty deed, the seller is providing assurances to the buyer should anything unexpected happen.
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Signing a warranty deed guarantees that the property being sold is legally yours to transfer, that it's in the same condition as advertised, and that there are no undisclosed mortgages or liens tied to it.
In Illinois, the real estate transfer process usually involves four steps: Locate the most recent deed to the property.Create the new deed.Sign and notarize the new deed.Record the deed in the Illinois land records.
A warranty deed is a legal document used when a piece of real estate is sold and the ownership is transferred from the grantor (seller) to the grantee (buyer). The form usually includes a description of the property and discloses all known encumbrances like easements, outstanding liens or judgments.
The difference between a deed and a deed of trust is the type of ownership interest each document conveys. A deed is a full ownership interest. A deed of trust is a security interest.
Trust deeds are common in Alaska, Arizona, California, Colorado, Idaho, Illinois, Mississippi, Missouri, Montana, North Carolina, Tennessee, Texas, Virginia, and West Virginia.
In a trust, assets are held and managed by one person or people (the trustee) to benefit another person or people (the beneficiary). The person providing the assets is called the settlor.
