An Illinois Quitclaim Deed conveys whatever ownership the Grantor has in the property to the Grantee without any warranties. Quitclaim Deeds are are commonly used when conveying real estate as a gift, when property is placed in a living or land trust, adding a spouse (or other family member) to the title, or to distribute the property as part of a divorce settlement.
A Quitclaim Deed (Illinois Quit Claim Deed) is not a one-size-fits-all document for everyone and needs to be carefully drafted for each transfer. There can be huge legal ramifications if the deed is drafted improperly or parts left omitted. If you find a "generic" quitclaim deed online (or at the office store), it may not include some of the information required by statute or information the County Recorder requires when recording the deed.
Lohse Law offers two Quitclaim Deed services for much of the Chicagoland area.
There are multiple types of tenancies. The tenancy type effects ownership rights differently. Certain tenancies will enable you to avoid probate and possibly some creditors. Some will transfer your "ownership" automatically to others on title, others will not. Tenancy types include the following:
A Grantor & Grantee Statement is required in some Illinois counties. The purpose is that the grantee on the deed is either a natural person, an Illinois corporation, foreign corporation, or other entity authorized to do business or acquire and hold title to real estate in Illinois.
Many local municipalities, villages or cities require a "transfer stamp." If no money is being transferred, this would be called an "Exempt Transfer Stamp." To get the transfer stamp, some municipalities may require you to have an occupancy inspection, sewer inspection, zoning certificate, or a full payment water certificate (even for condos where associations pay the water).
Some counties in Illinois require you to prepare a property tax transfer declaration. This was previously known as the P-Tax form. As of 2019, the "MyDec" declaration must be completed online and submitted through MyTax Illinois (Illinois Dept. of Revenue)
Once you have completed the above steps, you can record the Illinois Quitclaim Deed with the County Recorder. The Recorder will not accept or record the deed if all of the steps for your municipality haven't been properly completed. All counties in Illinois now have flat / fixed pricing to record the deed. Amounts vary from $54 to $98 depending on the county.
Check out this great video for Illinois Quitclaim Deeds. It has several thousand views!