When residents of Illinois need to transfer the ownership of real estate or real property, they need Illinois deed forms.
The law that governs the transfer of property and use of deed forms is the Illinois Conveyances Act (765 ILCS 5/). Deeds must be recorded in the county where the property changing hands is located.
Each county has a Recorder’s Office to record deeds and other documents. Deeds must be signed and notarized. The fee to record documents with this office varies by county.
Transfers of property require payment of what’s known in Illinois as a Transfer Tax using form PTAX-203. The Illinois Department of Revenue provides a way to complete and submit this tax form online.
The most common types of deed forms include:
- Illinois General Warranty Deed
- Illinois Quitclaim Deed
- Illinois Special Warranty Deed
- Illinois Deed of Trust
Illinois General Warranty Deed
A general warranty deed is a common Illinois deed form. The grantor, who is selling the Illinois property deed, guarantees that they own the property and that it’s free and clear for sale to the buyer, known as the grantee.
Like all deeds, the warranty deed contains a property description, like the lot name and number. This deed also guarantees that there are no liens or claims against the property. Buyers have the highest form of protection with a general warranty deed.
Quitclaim deeds transfer property from a seller to a buyer without the protections inherent in a general warranty deed. People most commonly use quitclaim deeds when no money is changing hands, and the transfer is between friends or family members who trust one another.
A quitclaim deed doesn’t guarantee a clean title for the property, so liens or claims against it could come up after the transfer.
A special warranty deed states that the seller hasn’t granted anyone else interest in the property while they’ve owned it. However, it doesn’t guarantee that the title has no liens or claims before the owner acquired it.
When a person buys property with a loan, an Illinois Deed of Trust declares that they’ll pay the loan and that the lender will hold the title in their name until they do.
When people buy a home with a mortgage, for instance, they use a deed of trust. This deed grants the bank or mortgage lender the title until the buyer pays the mortgage in full.
Some of the most frequently asked questions about Illinois deed forms include: