Sometimes, going through the whole procedure for the transfer of property in Illinois seems tedious. This is specifically the case when you are transferring ownership to your family members or business partners. This is where a quit claim deed Illinois can be handy. It is a quick process, and the property is transferred immediately.
Following are the components that need to be incorporated in this form template:
- Description of the property
- Details of purchase and cost
- Information on applicable laws
What Is an Illinois Quitclaim Deed?
Illinois quit claim deed is a legal document that acts as proof when real estate property is transferred from the grantor to the grantee. In Illinois, a quitclaim deed is used to transfer real estate property to family members or close friends.
As it does not provide any warranty about the grantor and title, it is a relatively quick process. You won’t have to collect vast information and do a time-taking title search. The Illinois quitclaim deed form is straightforward and easy to fill.
Although it does not come with any warranty, an Illinois quit claim deed form provides secure transactions between close friends and family members as it proves that the grantor has no right or interest in the property once the payment is made and the title is transferred.
He won’t be able to come back later and claim his interest. If he does so, the Illinois quitclaim deed form will do its job. It will always act as a proof and must be considered as an important document.
Requirements for Quitclaim Deed in Illinois
An Illinois quitclaim deed does not require much information, and filling the form is very easy. However, filling the form correctly is essential; otherwise, the property cannot be transferred. You can quickly get the quitclaim deed online, or you can prepare one yourself.
The form of the county where the property is located must be used. If your property is in Illinois, you must use the Illinois quitclaim deed form. Some other requirements and information needed to be filled in an Illinois quitclaim deed are:
- The complete address, name, and contact details of both the grantor and the grantee must be filled.
- The country in which the property is located.
- Details and legal information about the property like area, street no. etc. are also required.
- Total paid amount, first in words and then in number.
- Signatures of the grantor, grantee, and witnesses.
- The date of transfer and signatures must be done in the presence of a Notary Public.
- The quitclaim deed must be recorded and filed.
Although no guarantees are provided, and it is not compulsory to mention the actual amount, it is advised that the grantee must take all security measures and get the paid amount mentioned to protect both parties from future scams.
How to File a Quit Claim Deed in Illinois?
The Illinois quit claim deed must be notarized according to the state laws. Once the form is filled, and the signatures are done, the next step is to get the form filed from the Country Recorder of Deeds. A tax stamp should be bought from the local municipality before filing the form. This is because you will have to pay the fee for submitting the Illinois quitclaim deed form.
However, the taxes are exempted while transferring property between husband and wife. But if you are bound to pay taxes, you’ll have to file an Illinois Transfer Declaration form. After that, your Illinois quit claim deed will be signed by the notary public, and it will be filed.
Proper understanding about filling the quitclaim deed and included taxes will make you rest assured that your quitclaim deed has been properly filed and recorded. Both parties should also keep photocopies of the quit claim deed as it can be used in the future.
An Illinois quit claim deed is necessary while transferring real estate property to family members or friends. A quitclaim deed must be appropriately filled, and all information regarding the property must be provided to avoid any misunderstanding.
Although it does not include any warranty, the grantee must take all the information about the property and title before buying it. It is, however, a fast and easy process. You can prepare a quitclaim deed yourself, or you can get it online for free from the CocoSign website.
At CocoSign, we offer great templates for quit claim deed Illinois. You can also get many other quit claim deed forms and get them printed in just a few minutes through this website.