Illinois Quitclaim Deed Form

What Is an Illinois Quitclaim Deed?

A quitclaim deed is a legal document that allows you to transfer or release the interest you currently have in a property in Illinois.

When you make a quitclaim deed, Illinois law states that only the rights to the property that you have at the time of signing are transferred. It does not retroactively transfer a title you get after signing.

This document also does not guarantee that you own the property or that the title is free from liens or competing claims.

Illinois Quitclaim Deed Requirements

There are certain requirements you must be aware of when drafting a quitclaim deed. Some of the main requirements as stated by Illinois law are explained below:

If more than one person will own the property after the transfer, the deed should also clearly state how they will hold title.

Common Uses for an Illinois Quitclaim Deed

Quitclaim deeds are usually used when the parties already know each other quite well and trust each other. They’re commonly used when:

• Transferring property to a spouse or family member
• Adding or removing a co-owner
• Transferring property after a divorce
• Releasing an existing or possible ownership claim
• Transferring an interest to a trust or business entity
• Correcting or confirming ownership information
• Updating the title after a legal name change

Create Your Illinois Quitclaim Deed

Illinois Quitclaim Deed With a Mortgage

Quitclaim deeds can still transfer ownership interest if you have taken a mortgage out on the property.

However, this document never removes the grantor from the mortgage if they still have debt to pay. It can never be used to make the grantee responsible for the rest of the loan.

Both parties should make sure that they fully understand the effect of a quitclaim deed on mortgaged properties before completing the transfer. Consider discussing this with an expert if you have any doubts.

How to File a Quitclaim Deed in Illinois

You can easily create an Illinois quitclaim deed with Lumr. Simply follow the steps below to complete and download your document, and then record it in Illinois.

1. 1

   Start your quitclaim deed online

   Start by opening Lumr’s Illinois quitclaim deed template.

2. 2

   Add the grantor and grantee

   Next, enter the full legal names and required addresses of the person transferring the property and the person receiving it.

3. 3

   Enter the property details

   Add the property’s legal description and other required information. Use the legal description from the current deed instead. The street address alone is not enough.

4. 4

   Review the transfer details

   Before signing, make sure you know the ownership interest you are transferring and any consideration involved.

5. 5

   Sign the deed

   Download the completed document, then sign it. Have your signature acknowledged before a notary public or another authorized official. If homestead or spousal rights apply, another signature may be required.

6. 6

   Complete the tax requirements

   Check whether you need Form PTAX-203 and whether Illinois transfer tax applies. Some transfers qualify for an exemption, including certain transfers for less than $100 in actual consideration.

7. 7

   Record the deed

   Finally, you need to deliver the deed to the grantee and file it with the recorder in the Illinois county where the property is located. Recording helps protect the new owner’s interest.