Property Warranty Deed Illinois
An illinois warranty deed conveys real property with warranty covenants to the buyer.
Property warranty deed illinois. Office addresses telephone and fax numbers. It must identify the property being transferred and say what the grantor receives in return for it. A warranty deed is a legal document used to transfer or convey rights in real property from a grantor seller to a grantee buyer.
Operates pursuant to illinois state statue 55ilcs 5 3 5001 records documents collects fees creates a property index database with a historical perspective and implements new legislation images every document and maintains it in an electronic format and makes them available at an authorized cost to public and private entities. A conveyance of real property in illinois can be in a form prescribed by section 765 ilcs 5 9 the customary form for a conveyance of real property in illinois is the warranty deed but many forms such as a warranty deed from an individual to a corporation a quitclaim deed for joint tenants and deeds in trust are used in this state. Homestead affidavit for investment property.
There are two types of warranty deeds. Disclosure statement controlled business arrangement. Transfers are usually completed after the buyer has made sure to research the property to know what interest he or she is buying.
The illinois deed forms are the legal method for one person to convey real estate or real property to another. Finally the grantor has to sign it. In illinois any type of deed needs four things to be legal.
It requires an acknowledgement of the grantor s signature. The warranty is not limited to the time that the current owner owned the property. Deed warranty deed tenants by the entirety.
Deed warranty deed joint tenancy. The illinois warranty deed is a form of deed that provides an unlimited warranty of title. The illinois statutory warranty deed is a deed conveying property from one person to another or from a grantor to the grantee whereby the grantor provides a warranty or guarantee to the grantee that the property he or she is selling is free and clear of any other claims to the property and that the grantor has the legal right to sell or convey the property.
A general warranty deed is used to transfer an interest in real estate in illinois in most real estate transactions. This type of deed provides protection for the grantee by confirming that the grantor holds clear title to the real estate and has the right to sell the property to the grantee. It must include the names of the grantor and grantee the property owner and the new owner.
Information sheet individual or husband and wife. Illinois statute 765 ilcs 5 9 sets forth a form for the general warranty deed. Deeds of conveyance made in substantially the same statutory form are deemed a conveyance in fee simple to the grantee the grantee s heirs and assigns with covenants on the part of the grantor unless the.
The person transferring the property is typically called the grantor and the person receiving the property is typically called a grantee.
