12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Differences between Quit Claim Deeds and Warranty Deeds in Sciota, IL

Differences between Quit Claim Deeds and Warranty Deeds in Sciota, IL


Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.
 
- Franklin D. Roosevelt


A deed is a document that transfers ownership or conveys real estate from one party to another. The legal document that transfers ownership of real estate can be a warranty deed or a quitclaim deed.

How is a Deed different from a Sales Contract?

A sales contract is a promise to convey property in exchange for money. A deed is not a promise to convey, it is the conveyance itself. A deed contains a legal description of the real estate being transferred. This may include the lot the property occupies in a platted subdivision. Deeds in rural areas might use meets-and-bounds descriptions of the boundaries, which identify where the property lines are in relation to landmarks.

The deed must identify who is handing over an interest in the property (the grantor) and who is accepting it (the grantee). Most counties require the deed to have the addresses of all the parties involved.


Two Types of Deeds

The legal document that transfers ownership of real estate can be a warranty deed or a quitclaim deed.

Most real estate sales transactions use a warranty deed which states that the grantor (previous owner) is the owner of the property and has the right to transfer the property to the grantee (new owner) and that there are no liens against the property from a mortgage lender, the IRS or any creditor, and that the property can't be claimed by anyone else. Title insurance provides the financial back-up to the warranty deed and requires a title search to verify that no other claims on the property are outstanding.

A quit claim deed is a simpler and lower cost conveyance often used when a property transfers ownership without being sold. No money is involved in the transaction, no title search is done to verify ownership, and no title insurance is issued. The grantor essentially quits all claims to the property and transfers their property interest to the grantee.


When to Use a Quit Claim Deed

Quitclaim deeds are most often used to transfer property within a family. Common applications include an owner getting married and adding a spouse's name to the title, or when a couple getsd divorce and one spouse's name is removed from the title. Quit claim deeds can also be used when parents transfer property to their children, when siblings transfer property to each other, or when property is transferred to a Living Trust.

For a property that does not have a free and clear title, a title insurance may ask a person who may have a property interest to sign a quitclaim deedto make certain that this person doesn't make a future claim of ownership.

A quitclaim deed impacts only the ownership of the real estate and the names on the deed, not the mortgage. For example, in the case of a divorce, if both spouses' names are on the mprtgage, they are still both responsible for the loan, even if a quitclaim deed has been filed.


Filing a Quitclaim Deed

Although the rules vary by jurisdiction, but it's wise to have the deed signed by all parties in front of a notary public, copied and recorded at the county clerk's office. In general, the quit claim deed needs to include the legal description of the real estate being transferred, the date of the transfer and the names of the "grantor" and "grantee." You can check out a free preview of a quit claim deed at 1-2-Law.

 
Personalize & Print a Free IL Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free IL Living Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Sciota, IL
Pancratz James E
5N137 Middlecreek Ln
Saint Charles, IL 60175
(630) 443-9616
Attorneys
Newman Jim
40W310 Lafox Rd Ste J2
Saint Charles, IL 60175
(630) 587-8300
Attorneys, Legal Service Plans
Glenn Michael R
320 W Central St
Nokomis, IL 62075
(217) 563-7777
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Probate Law Attorneys,  Malpractice Law
Alvarez Law Office
216 E Sangamon Ave
Petersburg, IL 62675
(217) 632-7510
General Practice Attorneys, Attorneys, Legal Service Plans
Villa Law Firm
40W270 Lafox Rd
Saint Charles, IL 60175
(630) 797-7406
General Practice Attorneys, Attorneys, Legal Service Plans
Griffins Hoskins
40W320 Lafox Rd
Saint Charles, IL 60175
(630) 584-6327
Real Estate Attorneys, Attorneys, Legal Service Plans
Tatnall Susan B
2445 Dean St # G
Saint Charles, IL 60175
(630) 587-5600
Family Law Attorneys, Attorneys
Weiler & Lengle PC
2445 Dean St
Saint Charles, IL 60175
(630) 587-5600
Attorneys
Moguel Rachel
40W320 Lafox Rd
Saint Charles, IL 60175
(630) 513-5461
General Practice Attorneys, Attorneys, Legal Service Plans
Divorce & Family Law
320 W Central St
Nokomis, IL 62075
(888) 261-5288
Family Law Attorneys, Attorneys
Teykl James S
203 Hillcrest Ln
Steger, IL 60475
(708) 754-4200
General Practice Attorneys, Attorneys
Strohschein Law Group LLC
2455 Dean St
Saint Charles, IL 60175
(630) 377-3241
Elder Law Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Family Law Attorneys
Barringer Jerry
200 W Front St
Nokomis, IL 62075
(217) 563-2646
General Practice Attorneys, Attorneys, Legal Service Plans
Lipsky Nolan
120 E Jackson St
Petersburg, IL 62675
(217) 632-2612
Attorneys, Legal Service Plans, Criminal Law Attorneys, Family Law Attorneys, General Practice Attor
Griffin Patrick M
4N701 School Rd Ste A
Saint Charles, IL 60175
(630) 524-2566
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
Villa Robert K
4N701 School Rd, Ste A
Saint Charles, IL 60175
(630) 524-2563
Corporation & Partnership Law Attorneys, Attorneys, Legal Service Plans
Grosboll Becker Tice Tippey & Barr
101 E Douglas Ave
Petersburg, IL 62675
(217) 632-2282
Traffic Law Attorneys,  DUI & DWI Attorneys,  Estate Planning Attorneys,  Family Law Attorneys,  Att
Robertson Lowell Jr
618 E Union St
Nokomis, IL 62075
(217) 563-2271
General Practice Attorneys
Rogaliner Susan W
2445 Dean St # H
Saint Charles, IL 60175
(630) 513-1116
Family Law Attorneys, Attorneys, Legal Service Plans
Patrick J. Ahern, J.D., LCSW
2210 Dean St Suite O-1
Saint Charles, IL 60175
(630) 338-0744
Social Workers,  Attorneys,  Mediation Services,  Marriage, Family, Child & Individual Counselors,
Peskind Steven
2445 Dean St # E
Saint Charles, IL 60175
(630) 444-0701
Family Law Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US