Fill and Sign the Control Number Il 027 77 Form

© 2016 - U.S. Legal Forms, Inc. ILLINOIS QUITCLAIM DEED [Husband and Wife to Two Individuals] Control Number: IL-027-77 I. TIPS ON COMPLETING THE FORMSThe form(s) in this packet may contain “form fields” created using Microsoft Word or Adobe Acrobat (“.pdf” format). “Form fields” facilitate completion of the forms using your computer. They do not limit your ability to print the form “in blank” and complete with a typewriter or by hand.It is also helpful to be able to see the location of the form fields. Go to the View menu, click on Toolbars, and then select Forms. This will open the Forms toolbar. Look for the button on the Forms toolbar that resembles a shaded letter “a”. Click this button and the form fields will be visible. By clicking on the appropriate form field, you will be able to enter the needed information. In some instances, the form field and the line will disappear after information is entered. In other cases, it will not. The form was created to function in this manner.II. DESIGNATING HOW THE GRANTEES WILL HOLD THE PROPERTY:A.In the State of Illinois, real property can be held by more than one person (concurrent estates) in the following ways:1. If the Grantees ARE NOT married to each other, they can hold the property as:a. Tenants in Common: a type of concurrent estate in which each party owns an undivided interest in the property that will pass to their heirs when the tenant in common dies. Generally their shares are “equal” but may differ in size. b. Joint Tenants with the Right of Survivorship (JTWROS): is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate.2. If the Grantees ARE married to each other, they can hold the property as:a. Tenants in Common – See aboveb. Joint Tenants with the Right of Survivorship – See above 3.In the attached deed, the preparer will need to indicate how the Grantees will hold the property: as Tenants in Common or Joint Tenants with Right of Survivorship.B.For additional information on the above see the definitions at:http://lawdigest.uslegal.com/C.For example: “as Joint Tenants with the Right of Survivorship ,”III. ILLINOIS PROPERTY TAX CODE – TRANSFER TAX EXEMPTION1.Real Estate Transfer Declaration can be completed and printed online at: https://www.revenue.state.il.us/RETD/ 2. See the following for a listing of the exemptions to the Illinois Transfer Tax on real estate transactions: (35 ILCS 200/31-45)Sec. 31-45. Exemptions. The following deeds or trust documents shall be exempt from the provisions of this Article except as provided in this Section:(a)Deeds representing real estate transfers made before January 1, 1968, but recorded after that date and trust documents executed before January 1, 1986, but recorded after that date.(b) Deeds to or trust documents relating to (1) property acquired by any governmental body or from any governmental body, (2) property or interests transferred between governmental bodies, or (3) property acquired by or from any corporation, society, association, foundation or institution organized and operated exclusively for charitable, religious or educational purposes. However, deeds or trust documents, other than those in which the Administrator of Veterans' Affairs of the United States is the grantee pursuant to a foreclosure proceeding, shall not be exempt from filing the declaration.(c) Deeds or trust documents that secure debt or other obligation. (d)Deeds or trust documents that, without additional consideration, confirm, correct, modify, or supplement a deed or trust document previously recorded.(e) Deeds or trust documents where the actual consideration is less than $100.(f) Tax deeds.(g) Deeds or trust documents that release property that is security for a debt or other obligation. (h) Deeds of partition.(i) Deeds or trust documents made pursuant to mergers, consolidations or transfers or sales of substantially all of the assets of corporations under plans of reorganization under the Federal Internal Revenue Code or Title 11 of the Federal Bankruptcy Act.(j)Deeds or trust documents made by a subsidiary corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary's stock.(k)Deeds when there is an actual exchange of real estate and trust documents when there is an actual exchange of beneficial interests, except that that money difference or money's worth paid from one to the other is not exempt from the tax. These deeds or trust documents, however, shall not be exempt from filing the declaration.(l) Deeds issued to a holder of a mortgage, as defined in Section 15-103 of the Code of Civil Procedure, pursuant to a mortgage foreclosure proceeding or pursuant to a transfer in lieu of foreclosure.(m) A deed or trust document related to the purchase of a principal residence by a participant in the program authorized by the Home Ownership Made Easy Act, except that those deeds and trust documents shall not be exempt from filing the declaration.IV. DISCLAIMERThese materials were developed by U.S. Legal Forms, Inc. based upon statutes and forms for the State of Illinois. All information and Forms are subject to this Disclaimer: All forms in this package are provided without any warranty, express or implied, as to their legal effect and completeness. Please use at your own risk. If you have a serious legal problem, we suggest that you consult an attorney in your state. U.S. Legal Forms, Inc. does not provide legal advice. The products offered by U.S. Legal Forms (USLF) are not a substitute for the advice of an attorney.THESE MATERIALS ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL U.S. LEGAL FORMS, INC. OR ITS AGENTS OR OFFICERS BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION DAMAGES FOR LOSS OR PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE MATERIALS, EVEN IF U.S. LEGAL FORMS, INC. HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. Quitclaim Deed Page 1 of 4 QUITCLAIM DEED [Husband and Wife to Two Individuals] Space Above for Recorder’s Use Mail to: Name & Address of Taxpayer(s): THE GRANTORS: , of the City/Village of , County of , State of , and , of the City/Village of , County of , State of , husband and wife, for and in consideration of Dollars ($ ) does hereby CONVEY AND QUITCLAIM TO THE GRANTEES: , of the City/Village of ,County of , State of , and , of the City/Village of ,County of , State of ,individuals, as joint tenants with the right of survivorship, all interest in the following real property situated in the County of , in the State of Illinois, to-wit: See Legal Description Attached as Exhibit A incorporated by reference as though set forth in full Legal Description: Quitclaim Deed Page 2 of 4Permanent Index Number(s): Property Address: Date: (1st Grantor’s Signature)(2nd Grantor’s Signature) Print Name Print NameState of Illinois, County of __________________I, the undersigned, a Notary Public in and of said County, in the State aforesaid, DO HEREBY CERTIFY THAT is personally known to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that they signed, sealed and delivered said instrument as their free and voluntary act, for the purposes therein set forth. Given under my hand and notarial seal, this ______ day of __________________, 20______. Notary Public My commission expires: __________________State of Illinois, County of __________________I, the undersigned, a Notary Public in and of said County, in the State aforesaid, DO HEREBY CERTIFY THAT is personally known to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that they signed, sealed and delivered said instrument as their free and voluntary act, for the purposes therein set forth. Given under my hand and notarial seal, this ______ day of __________________, 20______. Notary Public My commission expires: __________________ Quitclaim Deed Page 3 of 4MUNICIPAL TRANSFER STAMPCOUNTY/ILLINOIS TRANSFER STAMP [If Required] OR NAME & ADDRESS OF PREPARER: Exempt under provisions of Paragraph ______, Section 4, Real Estate Transfer Act Date: Signature of Buyer, Seller or Representative Statement by Grantor and Grantee STATEMENT BY GRANTOR AND GRANTEE [Only Cook County Property] The grantor or his agent affirms that, to the best of his knowledge, the name of the grantees shown on the deed or assignment of beneficial interest in land trust are either a. natural person, an Illinois corporation or foreign corporation authorized to do business or acquire and hold title to real estate in Illinois, a partnership authorized to do business or acquire and hold title to real estate in Illinois, or other entity recognized as a person and authorized to do business or acquire title to real estate under the laws of the State of Illinois.Dated , 20 Signature: ___________________________ Grantor or Agent Subscribed and sworn to beforeMe by the said ________________________this _____ day of _____________________,20____.NOTARY PUBLIC _________________________________________________The Grantee or his agent affirms and verifies that the name of the grantees shown on the deed or assignment of beneficial interest in a land trust are either a natural person, an Illinois corporation or foreign corporation authorized to do business or acquire and hold title to real estate in Illinois a partnership authorized to do business or entity recognized as a person and authorized to do business or acquire and hold title to real estate under the laws of the State of Illinois.Dated , 20 Signature: ___________________________ Grantee or Agent Subscribed and sworn to beforeMe by the said ____________________This ______ day of _________________,20____.NOTARY PUBLIC ____________________________________________NOTE:Any person who knowingly submits a false statement concerning the identity of grantee shall be guilty of a Class C misdemeanor for the first offense and of a Class A misdemeanor for subsequent offenses. (Attach to deed or ABI to be recorded in Cook County, Illinois if exempt under provisions of Section 4 of the Illinois Real Estate Transfer Tax Act.) Exhibit A EXHIBIT A Grantors: Grantees: Legal Description: