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Click ‘Get Form’ to open the il warranty deed in the editor.
Begin by filling in the Grantors' names and their respective cities, counties, and states. Ensure that you indicate whether they are married or unmarried.
Next, enter the Grantee's name along with the legal description of the property being conveyed. This is crucial for identifying the real estate involved.
Complete any additional fields regarding prior instrument references and any easements or rights-of-way that may apply.
Proceed to sign the document where indicated. Both Grantors must provide their signatures along with printed names.
Finally, ensure that a Notary Public certifies the document by filling in their details and affixing their seal.
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A warranty deed is one that helps ensure the lawful transfer of ownership between a seller (the grantor) and the buyer (the grantee). Warranty deeds are meant to protect the buyer from any issues that may arise with their new home, particularly with the title.
Why would someone do a warranty deed?
Special Warranty Deed Risks: The limited protection may expose buyers to title issues that arose before the sellers ownership period. This can be risky, especially for older properties or those with a complicated title history.
What is an Illinois warranty deed?
A warranty deed that transfers title to real estate from a grantor to a grantee. In Illinois, a warranty deed transfers title to the grantee with broad warranties and covenants of title and is the form of deed customarily used in residential real estate transactions.
What are the disadvantages of a warranty deed?
No, a warranty deed does not prove ownership. A title search is the best way to prove that a grantor rightfully owns a property. The warranty deed is a legal document that offers the buyer protection. In other words, the property title and warranty deed work in tandem together.
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Foundations of Law - The Closing and Real Property Deeds
General Warranty Deed: A deed that fully warrants and promises that the title being transferred is fully valid and free of encumbrances. Special Warranty Deed:
Warranty deed; encumbrances done or suffered from the grantor. (a) In all deeds whereby any estate of inheritance in fee simple shall hereafter be limited
(State or other jurisdiction of incorporation or organization). (I.R.S Employer. Identification No.) 35 East Wacker Drive, Suite 2400, Chicago, IL. 60601. (
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