An Illinois Quit Claim Deed is a legal document used when an owner of real property – called the grantor or seller – needs to transfer interest in the real property to another person – known as the grantee or buyer. The seller stops – or quits – any interest or claim to the property, allowing his or her claim to transfer on to the buyer.
The term Quit Claim is used in the deed because the seller quits his claim or interest thus transferring ownership in the property to the buyer. A Quit Claim Deed does not provide any guarantee or warranty that the seller owns the property – it just conveys whatever interest he has in the property when the Illinois Quit Claim Deed form is executed.
You will see various spellings of the phrase Quit Claim Deed around the Internet. These include Quitclaim Deed, Quick Claim Deed and Quit Claims Deed. Even though the wording differs slightly, each of the above is acceptable legal terminology of Quit Claim Deed and is understood to mean the same thing in different jurisdictions.
Should I Use an Illinois Quit Claim Deed or an Illinois Warranty Deed?
An Illinois Warranty Deed insures that the seller of a piece of property clearly owns the title to the property and guarantees that no claims against the property will arise in the future.
When using an Illinois Quit Claim Deed, the owner of the property quits ownership and conveys his interest in the property to someone else. This is the reason an Illinois Quit Claim Deed is most often used to transfer property between family members.
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Because Quit Claim Deeds do not offer the buyer a warranty or guarantee on the title, they are most often used to transfer ownership of property fast when the property is conveyed as a gift. Some examples include the transfer of property from one family member to another or the transfer of property from a husband to a wife during a divorce settlement.
So, use an Illinois Quit Claim Deed to transfer of property quickly when a guarantee isn’t really needed. Use an Illinois Warranty Deed to guarantee that the title to the property is free and clear of any claims.
How to Fill Out an Illinois Quit Claim Deed Form
You can do it yourself with an Illinois Quit Claim Deed form. Quit Claim Deeds are simple to draw up and only require a few minutes of your time. However, if you have questions you really should consult a lawyer. A Quit Claim Deed is the fastest, cheapest and easiest device used to transfer ownership of property.
When filling out an Illinois Quit Claim Deed form first you need to:
- Download a free Quit Claim Deed form online or pick up one from your local county recorder’s office.
- Completely fill in the names, addresses and contact information of the seller and the buyer.
- Even though an actual dollar amount does not have to be listed on the Illinois Quit Claim Deed, some form of consideration should always be included to avoid any future problems.
- Make sure to include the full legal description of the property.
- Signatures of both the seller and the buyer are required.
- Sign the Illinois Quit Claim Deed in the presence of a Notary Public with two disinterested witnesses in attendance.
- File the Illinois Quit Claim Deed in your local county recorder’s office. This office could also be called the county clerk, register of deeds or land registry, depending on your jurisdiction.
One of the biggest advantages of an Illinois Quit Claim Deed is that it is so simple to complete that most anyone can do it. An Illinois Quit Claim Deed is one of the easiest ways to legally transfer ownership of real property. You can do it yourself and save plenty of time and lots of money.
Find out how to get a free Quit Claim Deed form and print it out instantly online. With our simple to use Illinois Quit Claim Deed form, you can easily fill it out online and file it yourself in no time at all!
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