Filing a quitclaim deed in Illinois allows you to quickly transfer ownership of a property without going through the warranty, discovery, or title search process. In order to ensure that the transfer is legal, the grantor (the party that currently owns the property) and the grantee (the party to whom the property is being transferred) will need to go through several crucial steps.
Start by getting the current deed to the property. You can search the county record’s website for online listings or visit the county recorder’s office in person to get it.
The necessary information for Illinois quitclaim deeds includes:
765 ILCS 5/20 requires you to have a quitclaim deed notarized. Sign the paperwork in front of a notary, who will attest that the document is legal and stamp it with their seal.
Do not sign the form until you are in the presence of the notary.
Go to the County Recorder of Deeds and present your document, where they will stamp and file it. Contact them ahead of time to determine the current fees so that you will know how much you should expect to pay, since you will need to handle those costs at the time of the transfer.
State transfer taxes are $.50 per $500 of property value named in the transfer tax declaration; however, individual counties can assign their own transfer tax rates, which will need to be paid during the transfer.
Make any necessary copies of the document before you leave the County Recorder of Deeds Office. Both the grantor and the grantee may need copies of the quitclaim deed.