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Pros and Cons of Quitclaim Deeds Pros. There are several benefits of using a quitclaim deed, including: Simple Process. Completing a quitclaim deed is a simple and straightforward process. Affordable. Quick. Multiple Uses. Cons. No Warranties. Assumption of Liabilities.
Who benefits the most from a quitclaim deed?
Because of the lack of title guarantees, quitclaim deeds are most often used to transfer property between two parties who know and trust each other, such as family members.
What is a quitclaim deed most often used to do?
Quitclaim deeds are typically used to transfer property in non-sale situations, such as transfers of property between family members.
How does a quit claim deed work in Illinois?
Unlike a warranty deed, which assures that the title is free of claims or liens, a quit claim deed simply transfers whatever interest the grantor may have to the grantee. This could mean that the grantor is the rightful owner of the property or it may mean that they have no interest in the property.
What are the disadvantages of a quit claim deed?
Filing a quitclaim deed in Illinois costs $150, or $160 if paid by credit card. Additionally, it is the responsibility of the individual to obtain transfer stamps and record the deed with the County Recorder.
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People also ask
Are quitclaim deeds reported to the IRS?
Reporting Sales: If the property is sold as part of the quitclaim deed transaction, the sale must be reported on the grantors and potentially the grantees income tax returns. The grantor must report any capital gains from the sale.
Related links
Foundations of Law - The Closing and Real Property Deeds
A deed that purports to transfer only whatever interest the transferor has in the transferred property to the transferee; a quitclaim deed makes no promises or
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