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Key Takeaways
In this article we will be discussing Quit Claim Deeds and answer the frequently asked questions of:
- What Is a Quit Claim Deed?
- What Does a Quit Claim Deed Do?
- When is it Appropriate to Use a Quit Claim Deed?
- What Are the Requirements of a Valid Quit Claim Deed?
- Is the Transfer of Interest Effective When the Quit Claim Deed is Signed?
- Can I Wait to Record My Quit Claim Deed?
- What Happens if Someone Records a Separate Quit Claim Deed Before I Record Mine?
- What is the Recording Process?
In order to transfer an ownership interest in a piece of real property, the grantor will need to execute a deed. There are several types of deeds that can be used in Illinois. The most frequent deed that is used is a Quit Claim Deed.
WhatIs a Quit Claim Deed?
A Quit Claim Deed (QCD) is a legal instrument that describes a property and identifies the legal owner of that property as well as the way title is held.
WhatDoes a Quit Claim Deed Do?
A QCD conveys and releases a party’s ownership interest in a property. It is an instrument which is used to transfer a legal interest in a property from one entity to another.
When is it Appropriate to Use a Quit Claim Deed?
A Quit Claim Deed is appropriate when you are releasing any interest that you may have in a property without guaranteeing the quality or condition of the property’s title.
What Are the Requirements of a Valid Quit Claim Deed?
A Quit Claim Deed is required to clearly identify the grantor and grantee, the address of the property being transferred, a legal description of the property, the manner in which the grantee is taking title, a notarized signature of the grantor, and the name and address of the party that has prepared the deed. The deed may also require a grantor/grantee statement to be effective.
Is the Transfer of Interest Effective When the Quit Claim Deed is Signed?
The deed is recordable upon signature by the grantor, but the transfer is not effective until the Quit Claim Deed is recorded with the Recorder of Deeds for the county which the property is located in.
Can I Wait to Record My Quit Claim Deed?
Yes, you can wait to record a deed however that is a risky decision. Your interest in the property will not be recognized until the deed is recorded. It can also create a situation where you lose interest in the property due to subsequent transfers.
What Happens if Someone Records a Separate Quit Claim Deed Before I Record Mine?
If you decide to hold off on recording your deed to the property and someone records a separate effective deed you may lose your interest in the property.The grantor can only convey their ownership interest one time. Once that conveyance is recorded the grantor cannot transfer the interest again. This situation is rare but in some instances a grantor may convey their interest in multiple deeds and generally the first to record their deed will be the party that owns the interest moving forward.
What is the Recording Process?
Once you have received a full executed deed, it needs to betaken or delivered to the Recorder of Deeds in the county where the property is located. There is a fee associated with recording the deed as well. In certain counties and townships you may also need to pay for transfer stamps unless the property is otherwise exempt.
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