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Are quit claim deeds legal in Illinois?

While individuals can use quitclaim deeds, a trustee attempting to transfer real property out of a trust to an individual cannot use a quitclaim deed in Illinois. The proper form in this case is a Trustees Deed. The trustee uses a Trustees Deed to transfer property to a particular person or to more than one person.

How much does a quit claim deed cost in Illinois?

LEGAL FEES - ILLINOIS QUIT CLAIM DEEDS The fee is $150 (or $160 if paid by credit card). It will be your responsibility to get the transfer stamps (if necessary) and get the deed recorded with the County Recorder. There is nothing legal about obtaining the municipal stamp and recording the deed.

How do I file a quit claim deed in Illinois?

To file an Illinois quitclaim deed form, you must bring your signed and docHubd quitclaim deed to the County Recorders office in the county where the property is located. Make sure that you also bring the required fees. Create a Illinois Quit Claim Deed in minutes with our professional document builder.

Does a quitclaim deed need to be docHubd in Illinois?

Signing (765 ILCS 5/20) A quit claim deed in the State of Illinois is required to be signed with a notary public present before being recorded. Transfer Tax Declaration (Form PTAX-203) The transfer tax must be paid prior to or at the time of filing the quitclaim deed.

How much does it cost to transfer a deed in Illinois?

The transfer tax rate is $0.50 per $500 of value stated in the Transfer Tax Declaration at the state level, and counties may charge a county transfer tax at $0.25 per $500 of value. Municipalities may also charge a municipal transfer tax if the property is in a municipality that collects a real estate transfer tax.

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What are the disadvantages of a quit claim deed?

What are the Disadvantages of a Quit Claim Deed? No Protections For The Transaction: Unlike warranty deeds, a quitclaim deeds does not offer protections for the new property owner. There is no way to guarantee that the property is owned free and clear, and that there are no easements or restrictions.

How much does a quitclaim deed cost in Illinois?

For this basic service, a quit claim deed attorney will prepare the new quitclaim deed (and Grantor/Grantee Statement if necessary). The fee is $150 (or $160 if paid by credit card). It will be your responsibility to get the transfer stamps (if necessary) and get the deed recorded with the County Recorder.

What is required for quitclaim deeds in Illinois?

A Quit Claim Deed is required to clearly identify the grantor and grantee, the address of the property being transferred, a legal description of the property, the manner in which the grantee is taking title, a docHubd signature of the grantor, and the name and address of the party that has prepared the deed.

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Are quit claim deeds legal in Illinois?

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