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 Hinsdale, IL

Definition of a Quit Claim Deed in Hinsdale, 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 Hinsdale, IL
Brian J Mulhern PC
15 Salt Creek Ln Ste 210
Hinsdale, IL 60521
(630) 850-9550
Attorneys, Legal Service Plans
Avgeris George N. Chartered
29 E 1st St
Hinsdale, IL 60521
(630) 296-9538
Accident & Property Damage Attorneys, Attorneys, Civil Litigation & Trial Law Attorneys, Personal In
Kurtz Law Offices Ltd
32 Blaine St
Hinsdale, IL 60521
(630) 323-9444
General Practice Attorneys, Attorneys, Legal Service Plans
Blinstrubas Robert
15 Spinning Wheel Rd Ste 300
Hinsdale, IL 60521
(630) 789-9246
General Practice Attorneys, Attorneys, Legal Service Plans
Tavoso Julie
123 E Ogden Ave # 101A
Hinsdale, IL 60521
(630) 325-9100
General Practice Attorneys, Attorneys
Ekroth & Osborne Ltd
15 Salt Creek Ln Ste 122
Hinsdale, IL 60521
(630) 850-9090
Estate Planning Attorneys, Legal Service Plans, Attorneys
Martoccio & Martoccio
15 N Lincoln St
Hinsdale, IL 60521
(630) 920-8855
Legal Service Plans, Attorneys, Family Law Attorneys, Labor & Employment Law Attorneys, Divorce Atto
Total Attorneys - Criminal Defense
PO Box 273724
Hinsdale, IL 60522
(630) 320-6106
Attorneys, Criminal Law Attorneys, Legal Service Plans
Total Attorneys - Personal Injury
PO Box 274217
Hinsdale, IL 60522
(630) 755-5662
Attorneys, Legal Service Plans
Mc Mahon Michael
811 N Elm St
Hinsdale, IL 60521
(630) 953-4400
Attorneys, Criminal Law Attorneys, Legal Service Plans, Traffic Law Attorneys
Avgeris George N
29 E 1st St # 201
Hinsdale, IL 60521
(630) 654-4161
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Spiegel Martin
15 Spinning Wheel Rd Ste 107
Hinsdale, IL 60521
(630) 455-4070
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans, Employee Benefits & Worker
Professional Paralegal Svc
227 S Bodin St
Hinsdale, IL 60521
(630) 323-3624
Paralegals
Landry John
120 E Ogden Ave # 212
Hinsdale, IL 60521
(630) 321-3600
Immigration Law Attorneys, Attorneys, Legal Service Plans
Engel Kathryn
15 Spinning Wheel Rd Ste 210
Hinsdale, IL 60521
(630) 654-3501
Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys, Legal Service Plans
Coghlan Paul A
15 Spinning Wheel Rd Ste 100
Hinsdale, IL 60521
(630) 887-2922
Attorneys, Legal Service Plans
Dominic J Mancini
133 Fuller Rd
Hinsdale, IL 60521
(630) 325-2580
General Practice Attorneys, Attorneys
Kinder Law Offices
310 E 55th St
Hinsdale, IL 60521
(630) 321-2144
Attorneys,  Family Law Attorneys,  Tax Attorneys,  Divorce Attorneys,  Business Law Attorneys,  Real
Najera and Associates Inc
15 Spinning Wheel Rd Ste 21
Hinsdale, IL 60521
(630) 325-1010
Immigration Law Attorneys, Attorneys
Sahgal Law Offices
120 E Ogden Ave # 118
Hinsdale, IL 60521
(630) 218-1008
General Practice Attorneys, Attorneys, Legal Service Plans
Stinauer Linda
479 Old Surrey Rd
Hinsdale, IL 60521
(630) 455-0678
Real Estate Attorneys, Attorneys
Debra Anthony Law Office
111 S Adams St
Hinsdale, IL 60521
(630) 789-0464
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US