Il Quitclaim Deed Form
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People also ask
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How does a quitclaim deed work in Illinois?
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. With a quitclaim deed, when you're getting the property, you're only getting what the grantor actually owns.
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What is the usual reason for using a quitclaim deed?
Quitclaim deeds, therefore, are commonly used to transfer property within a family, such as from a parent to an adult child, between siblings, or when a property owner gets married and wants to add their spouse to the title. Married couples who own a home together and later divorce also use quitclaim deeds.
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In which of the following situations could a quitclaim deed not be used?
Quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property. In some instances, however, quitclaim deeds are used when the grantor has a mortgage.
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What are the disadvantages of a quit claim deed?
A quitclaim deed does not provide any assurance that the grantor (the person transferring the property) has free and clear title to the property. In fact, it doesn't even represent that the grantor has any interest in the property whatsoever.
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Do I need a lawyer to file a quitclaim deed in Illinois?
Step 1: Create the Illinois Quitclaim Deed You can do this yourself but it's always a good idea to have a real estate attorney review it to make sure it's correct. The deed should have the following: Grantor and Grantee: The grantor is the person transferring the property and the grantee is the person receiving it.
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In which of the following situations would a quitclaim deed not be used?
It can be used to release a nominal real estate interest as it can effectively transfer whatever interest the grantor has, regardless of its value. However, a quitclaim deed cannot be used to warrant that a title is valid since it does not guarantee the grantor's ownership interest.
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How much does it cost to do a quitclaim deed in Illinois?
For basic service, a quitclaim deed attorney will prepare the new quitclaim deed (and Grantor/Grantee Statement if necessary). The fee is $150 (or $160 if paid by credit card). It will be your responsibility to get the transfer stamps (if necessary) and get the deed recorded with the County Recorder.
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What are the disadvantages of a quit claim deed?
What are the Disadvantages of a Quit Claim Deed? No Protections For The Transaction: Unlike warranty deeds, a quitclaim deeds does not offer protections for the new property owner. There is no way to guarantee that the property is owned free and clear, and that there are no easements or restrictions.
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