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What is the difference between a warranty deed and a quitclaim deed in Illinois?

Deeds are typically characterized based on the sort of warranties in title delivered by the grantor. For example, the general warranty deed provides the highest protection level to the buyer, while the quitclaim deed often provides the least in an Illinois buyer protection.

Does an attorney have to prepare a deed in Illinois?

While the Illinois court does not require parties to use a lawyer to create or validate a deed, an attorney can ensure parties follow the deed requirements and docHub the grantee accepts a valid deed.

What is required for a deed to be valid in Illinois?

An Illinois deed is not valid unless it is signed as required by law. Illinois deeds must meet the following signature requirements: Grantors signature. The current owner making the transfer must sign an Illinois deed while of legal age, of sound mind, and not under duress.

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 is a quitclaim deed 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.

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What is a quit claim deed in Illinois?

A quitclaim deed that transfers title to real estate from a grantor to a grantee. In Illinois, a quitclaim deed transfers title to the grantee without any warranties or covenants of title and is the form of deed customarily used in informal transactions or between related parties.

Who signs the warranty deed in Illinois?

A warranty deed is a legal document that a property owner signs in certain circumstances when transferring their property to a new owner. Warranty deeds are commonly used when selling residential, single-family property.

What is a warranty deed in Illinois?

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.

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