Sutterer, 869 NE 2d 354 – Ill: Appellate Court, 5th Dist. “n intrinsic feature of joint tenancy is the right of survivorship, which entitles the last surviving tenant to take the entire estate” Sathoff v. If one spouse dies, the entire property passes to the other spouse without the hassle of probate court. Jointly held property has the right of survivorship. Īs you can see, there are various differences between a Quitclaim Deed and a Warranty Deed in Illinois.When two people are married and buy real estate, there are incredible incentives to hold the property jointly. 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.īoth deeds can benefit from a title insurance policy, but for the quitclaim deed, it can protect you from claims in the future from anyone who may have interest or property lien before you purchased the property. Is a Title Insurance Policy Necessary for Both Deeds?ĭeeds are typically characterized based on the sort of warranties in title delivered by the grantor. You can download a free form directly from the Kane County Recorder website or from any website. To file a Warranty or Quitclaim in Illinois, it cost $42.00 for the first four pages and $1.00 each additional page. Costs Associated with Filing a Warranty or Quitclaim Thus, a limited deed is effective when it has explicit language to state the limits. The general warranty deed makes the grantor responsible even if the problems of the title stems from the previous owner. The standard tool when money is exchanged from one hand to another with the title is a warranty deed.Ī special or limited warranty authorizes the grantor to be responsible if the individual does anything to ruin the title. You should also check for any kind of legal problems that may affect the property. If you gain property by a warranty deed, make sure you hire a professional title examiner to thoroughly check the deed. A warranty deed provides warranty of a title for the amount of time the grantor owned the house.The new homeowner can actually sue the transferor, if he/she experiences problems. If anything contradicts any of the warranty deed’s promises, the transferring party has breached the deed and is held liable to suit.It can also protect you from unpaid home improvement bills. A warranty deed protects you against potential problems in the future, such as back taxes or unforeseen issues with the title.The homeowner loses his/her investment in the property and he also loses the income from the property.As mentioned previously, a borrower is still responsible for paying back a mortgage loan. A lender can still sue a borrower if he/she defaults on a loan. A quitclaim does not release a person from a mortgage.Today, tax authorities require that the transfer taxes are assessed according to the value of the property. In the past, people would quitclaim a house for a considerably low amount or a ‘good and valuable consideration’. However, you should consider getting a valuation of your property before signing a quitclaim. When you quitclaim a deed to another individual, you are no longer responsible for paying property taxes for that particular property. However, you’re still responsible for the mortgage loan that’s associated with the property. You simply download a free form directly from your county clerk’s website and submit it on your own. A quitclaim deed doesn’t have to be drawn up by a lawyer.Here are a few to consider: Advantages of a Quitclaim Deed Naturally, the Illinois quit claim deed and warranty deed are considered depending on one’s needs and circumstances.Ī quitclaim deed and a warranty deed both have advantages and disadvantages. The deed is legal once the Illinois quitclaim deed or warranty deed entails those aspects. It must also recognize the transferred property and stipulate what the grantor collects in return.įinally, the process is complete once the grantor signs the deed. The deed must entail grantor and grantee names, which is the property owner and new owner. There are four facets for a property deed to be legal in the State of Illinois. The Advantages and Disadvantages of Quitclaim and Warranty Deeds
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