REAL ESTATE CLOSING ATTORNEY Real Estate Closings from $195 for Sellers
REAL ESTATE CLOSING ATTORNEY Real Estate Closings from $195 for Sellers
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.
An Illinois Quitclaim Deed (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. For some people, an Illinois Transfer on Death Instrument ("TODI") may be a better option than a quitclaim deed. Click here for more info about TODI's.
Lohse Law offers two Quitclaim Deed services for much of the Chicagoland area.
1. BASIC SERVICE: The first option is the most basic service available. I will prepare the new deed and grantor/grantee statement (if in Cook County) for $150. With this option, it will be your responsibility to get the deed recorded with the County Recorder. There is nothing legal about obtaining the municipal stamps and recording the deed. It is just time consuming and there are fees that must be paid.
2. FULL SERVICE: If you require assistance with getting the new quitclaim deed recorded, Lohse Law offers this service in many Chicagoland areas. This may include getting the municipal transfer stamps, water certificates, Illinois Dept. of Revenue Paperwork, and recording the deed with the County Recorder. Total fees for this service ranges from $360 for townships that don’t require a municipal transfer stamp to $700+ for municipalities that do require a transfer stamp.
Fees for approximately 75 different municipalities are located on the order submission page. Click this link to see the fees.
Attorney Brian Lohse, a licensed Illinois Attorney, will prepare the new quit claim deed for you. It will be written and individually tailored for you. The new deed will not be created by an online program or generic template.
Lenders often require that the names on title be changed for refinancing. Reasons range from credit issues to removing an LLC's name.
If you were single when the property was purchased, adding a spouse may provide extra protections if titled as Tenants by the Entirety.
An estate planning attorney may have advised that there are advantages to having the property titled in a land or living trust.
For divorced property owners, there may be a court order (or MSA) requiring that the property be quitclaimed to the other person.
For businesses, you may gain some legal protections if the title of a property is transferred into an LLC or corporation.
Is there an error on title or confusion with someone else claiming ownership rights? A QCD can clean up and clarify ownership.
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 for individuals include the following:
A Grantor & Grantee Statement is required in some Illinois counties (namely Cook County). It attests that the grantee on the quit claim 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) for all quitclaim deeds recorded in Cook County.
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.
Total costs and requirements for quitclaim deeds vary between municipalities. If you would like more information about quitclaim deeds and an approximate cost, please click the "Contact Us" link above. In your message, please include the city and county in which the property is located.
Delivery of the deed from the Grantor to the Grantee is not sufficient to make the deed effective. The deed may be perfectly good and valid, but it won't be effective until it is recorded. Deeds must be (a) delivered, (b) accepted, and (c) recorded to become effective. Recording the deed is important because recording serves as notice of the conveyance.
Illinois law says that all properly executed deeds are in force from after it is recorded. Until the new deed is entered into the public record (by recording), there is no formal notice of the change in ownership. This is important to understand because it means that if a grantor conveys the land to grantee-1 and the deed is not recorded, and then then grantor later conveys the same land to a different grantee, grantee-2, and that subsequent deed from grantee-2 is recorded, the earlier grantee-1 loses rights to the property! Recording the deed as soon as possible after executing it is the best way to avoid a situation such as this.
It is not easy to say how long the process will take. I usually turn around requests within one or two business days. However, local municipalites and the recorders office each can take days or weeks depending on their current staffing levels. To give a general idea, if the property is in a city that doesn't require a transfer stamp, the process can take as little as a week or 10 days depending on how quickly you sign and return documents to me. For some properties in Chicago, the process could take up to a month or so.
There can be legal ramifications and consequences when recording a quitclaim deed. Lohse Law does not know all of the details of your specific situation. Therefore, Lohse Law is not providing advice or potential negative consequences that you may encounter or if recording a quitclaim deed is something in your best interest. Lohse Law is simply preparing the deed at your request.
A few common scenarios or situations that you need to consider:
Check out this great video for Illinois Quitclaim Deeds. It has several thousand views!
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