We recommend you obtain a legal opinion prior to taking final action recent legislation grantors signatures on deeds must be notarized 765 ilcs 535c. Apr 19, 2019 quitclaim deeds do not often list a valuable consideration as a sales price. It is most often used in families when one family member wants to transfer ownership to another family member without going through probate or the sale process. If there is consideration money being exchanged, additional fees may be collected. The illinois quitclaim deed is used to convey real estate in illinois from one party to another, however, unlike a warranty deed, the seller or grantor, is not required to warrant the title to the property he is selling. The illinois general warranty deed is a legal document that shall convey and provide warranty by a grantor seller to a grantee buyer. This is most commonly used when one party wants to become the sole owner of the marital home. Many people who use quitclaim deeds in illinois dont have to pay transfer taxes because the property is usually a gift. The following forms and documents are being provided as a courtesy of the will county recorders office for use in will county, il. Illinois real estate transfer declaration please read the instructions before completing this form. The form will then be ready to file with the local recorders office completing the process. Being the deedtype that does not offer warranties, the contract should only be used among individuals who trust each other family and friends, for example. A quitclaim deed is the transfer of ownership of real estate from one owner to another.
A quit claim deed also quitclaim deed is a legal document used for an individual the grantor to terminate, or quit, any interest or claim to a specified real property, allowing that interest. There may be legal andor tax implications once these forms are filed. This conveyance must contain the name and address of the grantee for tax. The protection under this document will ensure its legitimacy. The recorders office strongly recommends that you consult with an attorney for assistance in the selection and completion of these forms, and with any transactions pertaining to the legal ownership or conveyance of real estate. Il quit claim deed lake county complete legal document. A blank deed form is included, however your deed may also require a plat act affidavit andor an illinois ptax 203 form to be eligible for recording. Quit claim deed illinois edit, fill, sign online handypdf. The document shall warrant the grantors isare the true owners of the property and title.
Being the deed type that does not offer warranties, the contract should only be used among individuals who trust each other family and friends, for example. As a result, there is usually no purchase price other than one dollar. Illinois quit claim deed form get a quitclaim deed in. For the giver, the quitclaim deed is considered a gift if the transaction is not a sale. Legally transfer property in illinois with this simple form. Quit claim deed informational packet peoria county. Download free printable quit claim deed form samples in pdf, word and excel formats.
Quitclaim deed information, guide, examples, and forms. Using a quitclaim deed is a common and simple way to transfer property. With this type of deed, the owner simply quits or gives up his ownership rights in the property in favor of someone else. Being the deedtype that does not offer warranties, the contract. Conveyance must contain the name and address of the grante e for tax billing. A quitclaim deed also cannot be used to avoid a federal or state income tax lien. A quit claim deed is a way to give your interest to somebody else or for someone else to give his or her interest to you. Free illinois quit claim deed form word pdf eforms free.
There is legible space for a sizeable description of. Michigan real estate transfer tax online deed preparation. The countys acceptance of the deed for recording is evidence that the taxes were paid. Edit, fill, sign, download quit claim deed template illinois online on. This type of deed makes no guarantees if there are any other owners. Illinois general warranty deed form quit claim, general. It ensures only that the party giving you the deed is handing. Filing a quit claim deed will convey ownership to the grantee. A quit claim deed transfers the ownership or rights of property from a seller, or grantor, to a buyer, or grantee. Illinois quit claim deed form get a quitclaim deed in minutes.
Once a grantee accepts a property, he inherits the responsibility of paying the property taxes. This can be done by filling in the form in adobe pdf, online, or you can file electronically if you are living in an applicable county. Documentary transfer tax recorded concurrently in connection with a transfer of residential dwelling to an owneroccupier transfer is exempt from fee per gc 27388. Its quick, easy, fairly inexpensive, and very convenient when it is the right tool to use. If the transfer is exempt from tax, the deed should.
Quitclaim deed and fraudulent real estate transactions form requirements. Deed packet quitclaim pdf this packet features fee schedule, sample deed, ownership definitions, recording requirements, and transfer tax information. This quitclaim deed form begins with deed tax due, followed by the agreement between the grantor and the grantee regarding the transfer of the property. In order to properly submit this request there must be consideration purchase price, sufficient description of the premises, with the form properly signed depends on the states laws. Edit, fill, sign, download quit claim deed illinois online on. The county clerks office is not liable for any mistakes made. These requirements determine the content or text that is in the deed. Tax implications of a quitclaim deed home guides sf gate.
A quitclaim deed allows a couple to resolve shared real estate ownership. Free illinois quit claim deed form word pdf eforms. Laws covering quitclaim deed in illinois pocketsense. A quit claim deed, often mistaken for a quick claim deed, is a legal document used for transferring interest in real property from one individual to another. It is most often used when the parties are well acquainted with one another, such as among family members or close friends. A quitclaim deed also cannot be used to avoid a federal or. A quitclaim deed form or quit claim is a legal document where the grantor or ownerseller releases their ownership rights of a piece of real property to the grantee or purchaser. Nov 21, 2018 a quitclaim deed often mistakenly referred to as a quick claim deed is a simplified process of transferring property from one person to another. In illinois, quit claim deeds are often used if the property is being transferred. Round lines 11 through 18 to the next highest whole dollar.
Estate transfer tax declaration ptax 203 or an exemption statement a sample is provided to. Quitclaim deed download your free quitclaim deed form. Quit claim deed informational packet the information in this packet is provided to our customers with the following disclaimer. Transfer tax declaration form ptax203 the transfer tax must be paid prior to or at the time of filing the quitclaim deed. A quitclaim deed is not a mortgage saving or estate planning tool article. Each state has its own statutory requirements for quitclaim deed forms. Printable and fillable quit claim deed template illinois. As to the tax question, the irs will view the addition of the letter writer via quitclaim deed as a gift. In other words, he or she will not guarantee that they own the property or that they have clear title to the property or that they have the authority to sell the property. Cook county real estate transfer tax declaration illinois real estate transfer tax declaration transfer tax by municipality updated. The document can also provide the parties with tax benefits and savings that would not be.
For example, in a divorce when one of the parties is keeping the home, the other party quitclaims his interest in the home to the other party. A quitclaim deed is just one of several ways to transfer ownership of real property, like a house or land, and its usually the quickest. Quitclaim deed download your free quitclaim deed form pdf. The michigan real estate transfer tax is a tax on written instrumentslike deeds that transfer an interest in michigan real estate. Effective january 21, 2019, prior to recording, all cook county property conveyance instruments must be accompanied by an electronicallycompleted cook county real estate transfer tax declaration, aka, a mydec, which can be completed via the illinois department of revenues mydec transfer tax portal illinois. The quitclaim deed is an easier transfer process than other deeds and is commonly used to transfer. Quit claim deed form 86 free templates in pdf, word. Illinois requirements for quitclaim deeds legalzoom. This type of deed only transfers the rights of the real property from the current owner if the grantor is the owner and makes no guarantees about the title in regards to past owners. Peoria county participates in the state of illinois mydec system, which allows for electronically submitting the ptax203 form prior to recording a deed. This copy is provided by the recorder for use in kane county, illinois a legal opinion is recommended prior to taking final action with this deed. As such, that person is required to file form 709 united states gift and generationskipping transfer tax return with the irs. Quit claim deed form 86 free templates in pdf, word, excel. It conveys whatever interest you have in a piece of property without making any promises about the type of interest youre conveying.
All deeds require either a completed illinois real. With this type of deed, the owner simply quits or gives up. Illinois quit claim deeds warranty deeds us legal forms. The information in this packet is designed to be used as a point of reference.
An illinois quit claim deed form is a special type of deed used to transfer illinois real estate when the transferor does not wish to provide the transferee with a. A quit claim deed, or quitclaim, transfers the ownership or rights of property from a grantor current owner to a grantee new owner. Quit claim deed law and legal definition asset preservation incorporated. There is legible space for a sizeable description of the property. Illinois quit claim deed form \u20 summary the illinois quit claim deed form gives the new owner whatever interest the current owner has in the property when the deed is signed and delivered. As well it guarantees that the grantor will defend the. Quit claim deed template illinois edit, fill, sign.
This conveyance must contain the name and address of the grantee for tax billing purposes. It conveys whatever interest you have in a piece of property without making. This is because the tax jurisdiction still has a right to place a claim on the property, and this claim can nullify a quitclaim deed. How does a quitclaim deed affect your personal taxes. Transfer tax declaration in the state of illinois, a transfer tax must be paid either before the quit claim deed is filed, or at the time of its filing form ptax203. For additional information and ptax203 forms, visit the illinois department of revenues real estate transfer tax webpage. Quitclaim deed tax implications in illinois many people who use quitclaim deeds in illinois dont have to pay transfer taxes because the property is usually a gift to a close family member or friend. Documents and forms greater illinois title company. Quit claim deed information packet this information can be provided to our customers with the following statement. If you receive a quitclaim deed from the owner of record, youre the new owner and are now responsible for paying property taxes. Without this document, an individual may not be able to record and prove their ownership of the property. Buyer, seller or representative this conveyance must contain the name and address of the grantee for tax billing purposes. The illinois quit claim deed is the stateofficial form for both transferring interest in real property and making corrections to an existing deed.
Quitclaim deeds do not often list a valuable consideration as a sales price. Whether or not an excise tax is required depends on the county and municipality where the property is located. The document shall warrant the grantors isare the true owners of the. The illinois quit claim deed form gives the new owner whatever interest the current owner has in the property when the deed is signed and delivered. Ptax203 illinois real estate transfer declarationtextpdf. The quitclaim deed is an easier transfer process than other deeds and is commonly used to transfer ownership in a family. State of illinois real estate transfer tax is 1% of the actual consideration. The recorders office strongly recommends that you consult with an attorney. Since a quitclaim deed doesnt guarantee that you own the property, accepting a quitclaim deed might make you responsible for tax payments on a property you dont actually own. Dec 15, 2018 this is because the tax jurisdiction still has a right to place a claim on the property, and this claim can nullify a quitclaim deed. It makes no promises about whether the current owner has clear title to the property. The following transactions are exempt from the transfer tax under 35 ilcs 2003145. Transfer taxes are due when the deed is submitted for recording.
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