The Illinois quitclaim deed is a document that the parties use to transfer the property. The parties to the quitclaim deed are the grantor and the grantee.
Unlike the warranty deed, the quitclaim deed conveys the property from the grantor to the grantee without a warranty that the grantor has the authority to sell the property or that they have a clean title to it.
On the other hand, the lack of warranty makes the form of the quitclaim form much simpler, and it makes the property transfer procedure faster.
The quitclaim deed is often called the quit claim deed, deed without warranty, release deed, bargain deed, or sale deed.
Quitclaim Deed Important Laws & Requirements in Illinois
Laws & Requirements
Statute: 765 ILCS 5/10
Signing requirements: The Illinois general quitclaim form must be signed before the notary public. (765 ILCS 5/20)
Recording fees: $20 and an additional $9 for the Rental Housing Support Program State surcharge. (55 ILCS 5/4-12002.1)
Additional documents: Form PTAX-203 must be submitted with the deed unless there is an exemption notation included.
When to Use a Quitclaim Deed in Illinois
The Illinois quitclaim deed has some unique features that make it the fastest option for transferring property compared to other types of deeds.
Below are some of the ways you can use the quitclaim deed.
#1. Title Modifications
The grantor can use this type of deed to easily make modifications to the property title.
The modifications that can be made include:
Quitclaim Deed Title Alteration
Correcting the errors in the title
Removing or adding information from the title
Updating the information from the title
#2. Property Transfer
The Illinois quitclaim deed is mostly used for property transfers. By signing the quitclaim deed, the grantor simply transfers all of their interests in the property to the grantee.
However, they don’t provide any warranty that they are authorized to transfer the property and that there are no other claims against the property. Therefore, the quitclaim should be used only for property transfers between trusted parties or family members.
#3. Living Trust Transfer
The grantor can also use the quitclaim deed to transfer their property to the living trust. For this type of action, there is no need for any warranties, considering that there is only one person involved in the transaction.
How to Create a Quitclaim Deed in Illinois
#1. Fill Out The Form
The parties should insert the date of issuing the quitclaim form as well as information about them, namely their full names, mailing addresses, ID numbers, and marital statuses.
If some of the parties are legal entities, the deed should include the registered name, registration number, status, and mailing address.
#2. Add the “Note Consideration”
This section provides information about the value the grantee is supposed to give to the grantor for transferring the property.
The note consideration can be presented as:
Forms of Consideration
Default on the debt
Providing certain services
Any other form of value
In practice, when a transfer is made between family members, the parties agree that the transfer is going to be made without consideration (as a gift).
#3. Write the Legal Description
The legal description is a set of information that helps the parties individualize the property. This includes the plot number and other information about the property's location. In some cases, it can also include a description of the boundaries of the property.
#4. Sign & Get it Notarized
In Illinois, the quitclaim deed should be signed before the notary public.
#5. File the Quitclaim Deed
Finally, the parties submit the signed and notarized quitclaim deed to the governmental body authorized to record the deeds.
Where to File a Quitclaim Deed in Illinois
In Illinois, the parties should file the quitclaim deed with the County Recorder’s Office, according to the location of the property.