Fill and Sign the Lesson 1 Chapter 8 Forms of Real Estate Ownership

- Page 1 - Prepared by U.S. Legal Forms, Inc.Copyright 2016 - U.S. Legal Forms, Inc. STATE OF ILLINOISQUITCLAIM DEED [Three Individuals to Two Individuals as Tenants in Common] Control Number – IL - SDEED – 8-4 - Page 2 - NOTE ABOUT COMPLETING THE FORMS The forms in this packet contain “form fields” created using Microsoft Word. “Form fields” facilitate completion of the forms using your computer. They do not limit you ability to print the form “in blank” and complete with a typewriter or by hand.If you do not see the gray shaded form fields, go 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 in this button and the form fields will be visible.The forms are locked which means that the content of the forms cannot be changed. You can only fill in the information in the fields. If you need to make any changes in the body of the form, it is necessary for you “unlock” or “unprotect” the form. IF YOU INTEND TO MAKE CHANGES TO THE CONTENT, DO SO BEFORE YOU BEGIN TO FILL IN THE FIELDS. IF YOU UNLOCK THE DOCUMENT AFTER YOU HAVE BEGUN TO COMPLETE THE FIELDS, WHEN YOU RELOCK, ALL INFORMATION YOU ENTERED WILL BE LOST. To unlock click on “Tools” in the Menu bar and then selecting “unprotect document”. You may then be prompted to enter a password. If so, the password is “uslf”. That is uslf in lower case letters without the quotation marks. After you make the changes relock the document before you being to complete the fields. After any required changes and re-protecting the document, click on the first form field and enter the required information. You will be able to navigate through the document from form field to form field using your tab key. Tab to a form field and insert your data. If problems, please let us know. - Page 3 - DISCLAIMER These 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. 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 OF 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. - Page 4 - 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. - Page 5 - (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. Quitclaim Deed Page 1 of 4This document prepared by (and after recording return to):Name: Firm/Company: Address: Address 2: City, State, Zip: Phone: ))))))))))--------Above This Line Reserved For Official Use Only------------- _______________________________ (Parcel Identification Number) NOTE: Exempt under Provisions of Paragraph ____________ , Section 31-45, Real Estate Transfer Tax Law, Illinois Property Tax Code QUITCLAIM DEED (Three Individuals to Two Individuals) THE GRANTORS ____________________________________, an individual, married unmarried, of ________________ in the city of ________________ County of ________________ State of ________________, ____________________________________, an individual, married unmarried, of ________________ in the city of ________________ County of ________________ State of ________________ , and ____________________________________ , an individual, married unmarried, of ________________ in the city of ________________ County of ________________ State of ________________, for valuable consideration of ten dollars ($10.00), and other good and valuable consideration, cash in hand paid, the receipt and sufficiency of which is hereby acknowledged, does hereby convey and quitclaim, unto ____________________________________, an individual, married unmarried, of ________________ in the city of ________________ County of ________________ State of ________________ and ____________________________________ , an individual, married unmarried, of ________________ in the city of ________________ County of ________________ State of ________________, Individuals, as Tenants in Common, hereinafter “Grantees”, the following real estate, together with all improvements located thereon, lying in the County of ______________________, 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 4hereby releasing and waiving all rights under and by virtue of the Homestead Laws of the State of Illinois.Prior instrument reference: Book _ _____ , P ag e _ _____ , D ocu m en t N o. _ _____ , o f t h e R eco rd er o f ______________________ County, Illinois.SUBJECT to all easements, rights-of-way, protective covenants and mineral reservations of record, if any. WIT N ESS G ra n to r’s h an ds t h is t h e _ ___ d ay o f _ _______________ , 2 0 ____ .(1st Grantor’s Signature)(2nd Grantor’s Signature) Print Name Print Name (3rd Grantor’s Signature) Print Name STATE OF __________________COUNTY OF __________________I, the undersigned, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY THAT ______________________________ personally known to me to be the same person(s) whose name is/are subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that __________________ signed, sealed and delivered the said instrument as __________________ free and voluntary act, for the uses and purposes therein set forth, including the release and waiver of the right of homestead. Given under my hand and notarial seal this the _ ___ d ay o f _ _______________ , 2 0 ____ . ____________________________________ Notary Public (SEAL) __________________Print Name Quitclaim Deed Page 3 of 4STATE OF __________________COUNTY OF __________________I, the undersigned, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY THAT ______________________________ personally known to me to be the same person(s) whose name is/are subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that __________________ signed, sealed and delivered the said instrument as __________________ free and voluntary act, for the uses and purposes therein set forth, including the release and waiver of the right of homestead. Given under my hand and notarial seal this the _ ___ d ay o f _ _______________ , 2 0 ____ . ____________________________________ Notary Public (SEAL) __________________Print Name STATE OF __________________COUNTY OF __________________I, the undersigned, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY THAT ______________________________ personally known to me to be the same person(s) whose name is/are subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that __________________ signed, sealed and delivered the said instrument as __________________ free and voluntary act, for the uses and purposes therein set forth, including the release and waiver of the right of homestead. Given under my hand and notarial seal this the _ ___ d ay o f _ _______________ , 2 0 ____ . ____________________________________ Notary Public (SEAL) __________________Print Name Quitclaim Deed Page 4 of 4COUNTY – ILLINOIS TRANSFER STAMPSEXEMPT UNDER PROVISIONS OF PARAGRAPH ___________________ SECTION 4, REAL ESTATE TRANSFER ACT.DATE: _________________________ _______________________________________ Buyer, Seller or Representative Grantor(s) Name, Address, phone: Grantee(s) Name, Address, phone: SEND TAX STATEMENTS TO GRANTEE Quitclaim Deed Exhibit A EXHIBIT A