Illinois quitclaim deed 2026

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  1. Click ‘Get Form’ to open the Illinois Quitclaim Deed in our editor.
  2. Begin by entering the names and addresses of the grantor and grantee in the designated fields. Ensure that all information is accurate to avoid any legal issues.
  3. In the 'Consideration' section, specify the amount being transferred. This is crucial for legal documentation.
  4. Fill in the property details, including the Permanent Index Number(s) and property address. Attach a legal description as Exhibit A if necessary.
  5. Have both parties sign and date the document where indicated. If required, include a notary public's signature to validate the deed.
  6. Review all entries for accuracy before saving or printing your completed quitclaim deed.

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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.
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.
Quitclaim deeds are typically used to transfer property in non-sale situations, such as transfers of property between family members.
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.
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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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.

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