12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Definition of a Quit Claim Deed in Ava, IL

Definition of a Quit Claim Deed in Ava, IL


There have been few things in my life which have had a more genial effect on my mind than the possession of a piece of land.
 
- Harriet Martineau


A quitclaim deed is used to transfer real property from the grantor to the new recipient owner, called the grantee. The grantor will terminate any rights to claim the property using a quitclaim deed, thus allowing all rights to be transferred to the recipient/grantee.

Unlike other property deeds, a quitclaim deed contains no title covenant. It cannot offer warranty to the grantee as to the status of the property title. At the time of transfer, the grantee is entitled only to the interest the grantor possesses at that time. It means that the grantor cannot guarantee that the title of the property is free and clear at the time of transfer. It is limited to the property interest owned by the grantor at the time of the transfer, if any. Since the quit claim has no warranty and has no legal course to recover and any losses, it is possible that the grantee will receive no actual interest.

Since the grantee can only receive the interest that the grantor held at the time of transfer, should the grantor acquire the property at a later date, the grantee will not be entitled to take possession of the property. Many other types of deeds that are used for real estate sales have warranties attached to them signifying that the grantor ensures to the grantee that the title is clear or the title does not contain any encumbrance.


In divorce case, when a spouse terminates interest in the joint marital house, the quit claim deed can be used to grant the receiving spouse full rights to the property. Conversely, if a couple gets married, a quit claim deed is an inexpensive way to add the new spouse to a title, without the expense of a title search. This is an inexpensive way to transfer a property to another person quickly by executing. When this is done, the person who executes the deed eliminates his or her interest in the property by transferring the full claim to the other person.


Other uses of a quit claim deed are for tax deed sales or sheriff's deed. This is done when the property is sold in public auction to recover the outstanding tax debt of the original owner of the property. The auction is usually done by the local government that has no claims or interest in the property, only the collection of unpaid taxes, so they typically do not extend warranty to the property title. In this situation, it may be advisable for a buyer to invest in a title action to remove any clouds to the title.

Quit claim deeds are prohibited by many jurisdictions for use as collateral for a bail bond.

 
Personalize & Print a Free IL Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free IL Living Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Ava, IL
Timothy J Fitzgerald Law Ofc
901 W Jackson Blvd
Chicago, IL 60607
(312) 850-9583
General Practice Attorneys, Attorneys
Greenberg Steven
820 W Jackson Blvd # 310
Chicago, IL 60607
(312) 879-9500
Attorneys, Legal Service Plans
Hunter Steven R
820 W Jackson Blvd # 310
Chicago, IL 60607
(312) 466-9466
General Practice Attorneys, Attorneys, Legal Service Plans
A Crosby & Associates
475 Executive Pkwy
Rockford, IL 61107
(815) 209-9462
Employee Benefits & Worker Compensation Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law
Gene S Bobroff Attney At Law
1231 Springdale Ln
Elk Grove Village, IL 60007
(847) 995-9191
General Practice Attorneys, Attorneys, Legal Service Plans
John W Heiderscheidt
725 Wells
Chicago, IL 60607
(312) 431-9000
Attorneys,  Mediation Services,  DUI & DWI Attorneys,  Estate Planning Attorneys
Manchik Craig
900 W Jackson Blvd # 2E
Chicago, IL 60607
(312) 460-8888
General Practice Attorneys, Attorneys, Legal Service Plans
Connelly Michael E
910 W Jackson Blvd # 1W
Chicago, IL 60607
(312) 243-8639
General Practice Attorneys, Attorneys
Segal Law Offices
5573 Bellingham Rd
Rockford, IL 61107
(815) 877-8530
General Practice Attorneys, Attorneys, Legal Service Plans
Brunke Gary
1300 E Irving Park Rd Ste 201
Streamwood, IL 60107
(630) 289-8200
Traffic Law Attorneys, Attorneys
Andrew Gable
1450 W Randolph St
Chicago, IL 60607
(312) 502-7877
Criminal Law Attorneys
Drda Dennis P
7902 Conehill Cir
Rockford, IL 61107
(815) 978-7807
General Practice Attorneys, Attorneys
Gonsky Baum & Whittaker Ltd.
112 S Sangamon St
Chicago, IL 60607
(312) 733-7300
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
Gonsky Ronald M
112 S Sangamon St # 4
Chicago, IL 60607
(312) 733-7300
General Practice Attorneys, Attorneys
Garner Christine
185 Buckley Dr
Rockford, IL 61107
(815) 226-7110
General Practice Attorneys, Attorneys, Legal Service Plans
A About Bankruptcy
900 W Washington Blvd
Chicago, IL 60607
(312) 474-7000
Bankruptcy Law Attorneys,  Attorneys,  Credit & Debt Counseling,  Bankruptcy Services,  Legal Servic
Liou Law Firm
900 W Washington Blvd
Chicago, IL 60607
(312) 429-6970
Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Financial Services
Loop Lawyers
220 S Ashland Ave
Chicago, IL 60607
(312) 506-6771
Attorneys, General Practice Attorneys
Marneris Niko G
19 N Green St
Chicago, IL 60607
(312) 243-6700
General Practice Attorneys, Attorneys, Legal Service Plans
Clinton Laboratories Ltd
700 S Clinton St
Chicago, IL 60607
(312) 939-6677
Attorneys
Stiefel Reid A
1590 Louis Ave
Elk Grove Village, IL 60007
(847) 364-6660
General Practice Attorneys, Attorneys
David G Barts
1325 S Arlington Heights Rd
Elk Grove Village, IL 60007
(847) 807-6106
Attorneys,  Criminal Law Attorneys,  Real Estate Attorneys,  Wills, Trusts & Estate Planning Attorn
Loevy & Loevy Attorneys
312 N May St
Chicago, IL 60607
(312) 243-5900
General Practice Attorneys, Attorneys, Legal Service Plans
Nicolosi & Assoc
363 Financial Ct Ste 300
Rockford, IL 61107
(815) 229-5789
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Atto
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US