The quitclaim deed simply transfers any interest they may have to the other party. 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.
How does a quitclaim deed work in Illinois?
A quit claim deed is a legal document used to transfer ownership interest in real property from one person to another without making any guarantees about the title. A quit claim deed has very little protection to the recipient.
What is the purpose of a quit claim deed in Illinois?
In Illinois, quit claim deeds facilitate the transfer of property ownership from one spouse to another without the need for a title search. They play an instrumental role in the division of marital assets, including the transfer of the marital home.
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Foundations of Law - The Closing and Real Property Deeds
Quitclaim Deed: A deed that purports to transfer only whatever interest the transferor has in the transferred property to the transferee; a quitclaim deed makes
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