An Illinois quitclaim deed is a document that a property owner (the grantor) uses to pass property to another person (the grantee) easily. The deed does not guarantee that the property title is free and clear of any claims or liens. Instead, you need a warranty deed to transfer property with warranties as to ownership and right to transfer, which helps the grantee determine exactly what interest and rights they are receiving from the transfer.
Statute: 765 ILCS 5/ (Conveyances Act): The law requires deeds to include the language “convey and quit claim” and not “grant,” “bargain,” or “sell.” If you’re preparing the form, enter the property description just as it appears on the previous deeds. If you can’t find an old document, check with the county recorder of deeds where the property is located. They can tell you where to get a copy of an earlier deed.
Signing Requirements: 765 ILCS 5/20: A quitclaim deed must be signed in the presence of a notary public before it can be recorded.
Recording Requirements: Upon completing, signing, and notarizing the deed, file it with the County Recorder’s Office in the county where the property is located.
Transfer Tax: Yes, unless the transfer is exempt (any transfer of property under $100). The amount is calculated based on the value of the property being conveyed (35 ILCS 200/).
Additional Documents: If a transfer tax is due, Form PTAX-203 (Real Estate Transfer Declaration) must be completed and signed by the grantor, grantee, and preparer and then filed either on paper or online.
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The processing time for an Illinois quitclaim deed can take anywhere from a few days to several weeks, depending on factors such as the workload of the County Recorder of Deeds office and whether all required documentation is correctly submitted.
It’s advisable to check with the specific County Recorder’s Office where the deed will be filed for a more accurate estimate of processing times.
Using a quitclaim deed in Illinois poses risks due to the lack of title guarantees and verification of ownership. Unlike warranty deeds, quitclaim deeds offer no recourse against title defects or disputes.
Grantees assume any existing risks associated with the property, such as undisclosed debts or boundary disputes, without protection against future claims.
If a mistake occurs on a quitclaim deed, correcting it can be complex and may require legal assistance. Minor errors, such as typographical mistakes, can sometimes be rectified through a corrective deed, also known as a deed of correction.
However, significant errors, such as incorrect property descriptions or missing signatures, may need more extensive legal remedies to reform the deed. It’s crucial to address any mistakes promptly to avoid potential disputes or challenges to the validity of the deed in the future.