free contract for deed template illinois

The name can also be written as quit claim deed (with a space), and the word quitclaim is also a verb-as in, the current owner quitclaims (or quit claims) the property to the new owner. Illinois law uses the name quitclaim deed for a deed that transfers real estate with no warranty of title. Other Names for an Illinois Quitclaim Deed Form The grantor will defend the new owner’s title against any claims asserted by third parties. No third-party claims will disturb the new owner’s ownership and possession of the property. The property’s title is free from encumbrances-adverse third-party interests like liens, mortgages, assessments, or property taxes. Covenant of freedom from encumbrances (or incumbrances).

The grantor has the legal authority to transfer the property. The grantor has complete, undisputed ownership of the property. An Illinois deed that provides a complete warranty of title includes five guarantees (or covenants of title): Different types of deeds offer different warranty levels. The new owner has no right to sue the transferor under a quitclaim deed if a title problem is discovered after the deed.Īttorney Practice Note: A deed that provides a warranty of title includes a guarantee from the current owner (the grantor) to the new owner (the grantee). Possible title problems could include undisclosed liens, outstanding assessments or property taxes, or errors in earlier deeds. The transferee (the new owner) who takes title through a quitclaim deed bears the risk of any problems with the property’s title. The transferee receives whatever ownership interest the transferor has (if any), but the transferor does not guarantee that the deed transfers good, clear title to the property. Just complete a user-friendly interview and get a customized deed that is attorney-designed to meet Illinois recording requirements.Īn Illinois quitclaim deed form is a special type of deed used to transfer Illinois real estate when the transferor does not wish to provide the transferee with a warranty of title.

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Free contract for deed template illinois