Fill and Sign the Warranty Deed in Lieu of Foreclosure Illinois Form

© 2016 - U.S. Legal Forms, Inc.       ILLINOIS WARRANTY DEED IN LIEU OF FORECLOSURE Control Number: IL-021-78 I. TIPS ON COMPLETING THE FORMS The 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. ILLINOIS PROPERTY TAX CODE – TRANSFER TAX EXEMPTION 1. 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. III. 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 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. WARRANTY DEED IN LIEU OF FORECLOSURE (735 ILCS 5/15-1401) Space Above for Recorder’s Use Mail to: Name & Address of Taxpayer(s):                                     THE GRANTOR(S)       Of the City/Village of       , County of       , State of       , for and in consideration of       Dollars, CONVEY AND WARRANT to THE GRANTEE(S)       Of the City/Village of       , County of       , State of       , in sole ownership , 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:       Permanent Index Number(s):       Property Address:       Deed In Lieu of Foreclosure Page 1 of 4 For good and valuable considerations as set forth in this document Grantor(s) conveys to Grantee(s) all right, title and interest of Grantor(s) in the real property together with all rights and privileges appurtenant or to become appurtenant to real property on the effective date, and warrants the title against all persons whosoever, subject to the matters above set forth. It is further warranted and covenanted by Grantor(s) in executing this Deed, and agreed by Grantee(s) in accepting it, as follows: 1. Consideration for the execution of this Deed consists of : a. Full satisfaction of Record of the Mortgage executed by       as Mortgagor(s), to       as Mortgagee, which was dated:       ,       and recorded in the Office of the County Recorder of the above mentioned County and State under the above Permanent Index Number, and the surrender and cancellation of the promissory note or notes or other evidence of debt secured by said Mortgage; b. The full and absolute release of Grantor(s) from all liability on any and all promissory notes, debts, obligations, costs or charges, the payment of which was secured either by the Mortgage referred to in paragraph (a) above or by any other mortgage or encumbrance on the same property, which may have been assumed or created by Grantor(s) as an obligation at the time of or subsequent to Grantor's acquisition of the title to said property, and which last mentioned other mortgage or encumbrance, if any, with the debts and obligations thereby secured, Grantee(s) has/have assumed and agreed to pay by specific provisions as set forth above in this Deed; and c. In addition to a. and b. above, the cash payment by Grantee(s) to Grantor(s) of the sum of $ ____________ . 2. The total consideration, set forth in paragraph 1, for the execution of this Deed is equal to and represents the fair value of the Real Property and includes the fair and reasonable value for Grantor's interest in the Property. This Deed is executed voluntarily and not as a result of duress or threats of any kind, and is bona fide and not given hinder, delay or defraud the rights of creditors or contravene the bankruptcy laws of the United States. This Deed is not given as security for the payment or repayment of money or indebtedness, or as security of any kind or nature. There is no agreement or understanding, oral or written, between Grantor and Grantee or any other person relative to any reconveyance of the Property to the Grantor(s), or to a sale or conveyance to anyone else of the benefit of Grantor(s), or to any division of any proceeds realized from the property by sale or otherwise. 3. The actual possession of the Property herein conveyed has been surrendered and delivered to Grantee(s). Grantor(s) intends by this Deed to vest the absolute and unconditional title to the Property in Grantee(s), and to forever stop and bar Grantor(s) and Grantor's heirs, executors or administrators or anyone else claiming under or through Grantor(s) from having or claiming any right, title or interest of any nature whatsoever, either in law or in equity, or in possession or in expectancy in and to the Property or any party thereof. As evidenced by the below verification all parties signing below have sworn to the truth of the facts set forth in this Deed, agree to its terms and covenants, and approve its warranties. Dated this ______ day of __________________ , 20 ______ . Deed In Lieu of Foreclosure Page 2 of 4 GRANTOR(S): Signature(s) of Individual Grantor(s): (1 st Grantor’s Signature) (2 nd Grantor’s Signature)             Print Name Print Name 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 person whose name is subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that he signed, sealed and delivered said instrument as his 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 person whose name is subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that he signed, sealed and delivered said instrument as his 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: __________________ Deed In Lieu of Foreclosure Page 3 of 4 NAME & ADDRESS OF PREPARER:                   MUNICIPAL TRANSFER STAMP COUNTY/ILLINOIS TRANSFER STAMP [If Required] OR Exempt under provisions of Paragraph ______ , Section 4, Real Estate Transfer Act Date:       Signature of Buyer, Seller or Representative Deed In Lieu of Foreclosure Page 4 of 4 EXHIBIT A       Deed In Lieu of Foreclosure Exhibit A