Free Illinois Quitclaim Deed Form

The Laws Governing the Quitclaim Deed in Illinois

If you intend to transfer your residential property rights to a loved one or a trust, you must already know that you will need to prepare and sign a written document to execute the transfer. And as long as you are not planning to exchange your rights for money, you’ll have to use the quitclaim deed.

The quitclaim deed in Illinois, unlike the general or the special warranty deed, refers to the legal instrument used to convey real property interests from one party to another, but without any warranties on the title. As the transferor of the real property rights, you are referred to as the grantor while the recipient of the rights is the grantee. This deed is also called a quitclaim deed form, a non-warranty deed or simply a quitclaim. It is not, however, called a quick claim deed, regardless of how fast it speeds up the transfer of title and interests in property.

Despite being a legal instrument, the quitclaim does not provide any warranties on the property title, meaning that in the event of title issues, the grantee will be out of luck, and they might lose their interests in the property.

Functions of quitclaims

• One of the most common uses of the quitclaim is gifting a loved one of your interests in real property. It is not, however, the only use you could put this legal instrument to. The other legally acceptable uses of the deed include:

• • The transfer of real property interests into a trust or a living trust

  • The transfer of your real property rights/ interests to your children

  • Changing the details on a property title. This is common after a divorce where a grantor removes their ex-spouse from the deed.

  • You could also use the deed to transfer property to a business entity or a business partner.

  • In the event of a foreclosure on the property, the government which holds temporary ownership over the property could use the document to transfer the interests in the property to the person who buys the property.

  • You might also need the deed to introduce new information into the title.

How to prepare a quitclaim

Even though the quitclaim carries no warranties over the ownership of the property or past encumbrances, it remains a legal instrument which means that there are statutory requirements you should adhere to.

It is also important to note that preparing this deed is simple because you only need to download a printable PDF template to get started. The best of the templates is the free Illinois quitclaim deed which guides you on all the sections and the details you need to provide.

• The statutory requirements of the quitclaim deed form are outlined in section 765 ILCS 5/10. They state the following:

• • That the deed must carry the legal name and mailing address of the grantor

  • The legal name and the mailing address of the grantee

  • The consideration, if any, paid for the property

  • The complete legal description of the property

  • The county the property is located

  • The date of the execution of the deed

  • The notarized signature of the grantor

  • For recordation purposes, the deed must have the return address to be used, as well as the document’s/ page’s/ book’s numbers from which any past deeds for the property were recorded.

  • Information on the person who prepares the document is also important under the ‘prepared by’ section. This should have a statement with the identification details (name and mailing address) of the person preparing this deed.

  • There should also be a full legal description of the property, complete with the assessor’s section that comes with the lot/ block identifiers, as well as the real estate Index ID (if present).

  • The statutes also require an indication of whether or not the property is a homestead. And if it is, then the deed must bear the signatures of both the grantor and their spouse, even if the spouse doesn’t hold title to the property. On the other hand, if a grantor is married, but the real property is not a homestead, the deed should have a comment on the same.

Recording the quitclaim

• For recording purposes:

• • For every signature, the name of the signer should be typed/ printed under the signature

  • On the first page, there should be a 3”x5” blank space on the top-right corner for use by the recorder. There should be a margin all around

  • The deed must be in writing, in permanent black ink on a white paper that’s at least 20lbs in weight.

  • The deed must be printed on individual sheets of 8”x11” papers, and the sheets should not be stapled or bound in any permanent way.

  • You shouldn’t staple, tape, clip or attach additional information onto the pages

  • For proper record keeping, submit the deed to the county recorder in the county the property is located.

Note that the record system used by the state follows the ‘Notice’ statute. It means that a recorded deed takes effect from (and after) the time the deed is filed for recording. There is no formal record of the property’s change of ownership until the deed enters into the public records. So, without a record of the deed, the grantor could later convey the property to another, and if recorded, the first grantee loses their interests.

Quitclaims and divorce

If going through a divorce and you wish to give up your share of the property to your spouse, use the quitclaim. Even though it won’t remove your name from the mortgage, it makes title searches unnecessary. The deed also simplifies the transfer since you both know the history of the property. As the recipient, once the name of your ex is out of the title, you become the sole property owner. Just review the title to ensure that it is free of defects.

Note: unless there is a court order, homestead rights for the spouse who uses the home as their primary residence cannot be revoked. The rights are only taken if that spouse waives the rights.

Quitclaim and property transfer from a trust

You cannot use the deed to transfer property from a trust. For this transfer, you need a Trustee’s Deed.

Taxes

If you use a quitclaim, you are not required to pay taxes on the property. Also, transfers between spouses are exempted from taxes, but it is not always the case for property rights transfers to children – a gift tax could be imposed, and capital gains taxes should the children sell the property.

To transfer property rights on that residential property in Peoria, Chicago, Naperville, Rockford, Champaign or any other city in Illinois, download our free quitclaim deed for here.