![]() The transfer of your real property rights/ interests to your childrenĬhanging the details on a property title. The transfer of real property interests into a trust or a living trust The other legally acceptable uses of the deed include: It is not, however, the only use you could put this legal instrument to. One of the most common uses of the quitclaim is gifting a loved one of your interests in real property. It is not, however, called a quick claim deed, regardless of how fast it speeds up the transfer of title and interests in property.ĭespite 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. This deed is also called a quitclaim deed form, a non-warranty deed or simply a quitclaim. As the transferor of the real property rights, you are referred to as the grantor while the recipient of the rights is the grantee. 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. And as long as you are not planning to exchange your rights for money, you’ll have to use the quitclaim deed. 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. The Laws Governing the Quitclaim Deed in Illinois
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