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What Is a Special Warranty Deed In Illinois?
If you have any questions about what is a special warranty deed Illinois pdf form, then you've come to the right place. A special warranty deed Illinois form is a type of deed that is used to transfer ownership of real property. In a special warranty deed, the grantor (the person transferring the property) warrants or guarantees that the property is free from any encumbrances or claims that arose during their ownership of the property but does not warrant or guarantee that the property was free from encumbrances or claims before they took ownership.
But you absolutely must remember that Illinois special warranty deed form is less protection for the buyer compared to a general warranty deed where the grantor guarantees that the property is free from any encumbrances or claims, past or present.
How To Make Illinois Special Warranty Deed Form
To write an Illinois special warranty deed form, you will need to include the following information:
- The names of the grantor (the person transferring the property) and the grantee (the person receiving the property).
- A legal description of the property being transferred, including the address and any relevant parcel or lot numbers.
- A statement indicating that the grantor is conveying the property to the grantee with a special warranty.
- A statement indicating that the grantor warrants that the property is free from any encumbrances or claims that arose during their ownership of the property but does not warrant or guarantee that the property was free from encumbrances or claims before they took ownership.
- The date of the deed and the signature of the grantor.
- Notary acknowledgement.
It is important to note that a deed needs to be executed and acknowledged before a notary public and recorded in the county where the property is located. It's recommended to consult with a lawyer or real estate professional before preparing any legal documents.
How to Get a Warranty Deed In Illinois
To get a Special Warranty Deed Illinois, you will need to follow these steps:
- Identify the parties involved: Determine who the grantor (the person transferring the property) and the grantee (the person receiving the property) will be.
- Prepare the deed: Write the warranty deed and include the necessary information such as the names of the grantor and grantee, a legal description of the property, a statement indicating that the grantor is conveying the property with a warranty, and the date of the deed. You can find and fill out this form for free on the PDFliner website.
- Sign the deed: Both the grantor and grantee must sign the deed in the presence of a notary public.
- Get the deed notarized: The notary public will need to witness the signatures of the grantor and grantee and will need to provide an acknowledgement of the notary.
- Record the deed: After the deed is notarized, it will need to be recorded with the county recorder's office in the county where the property is located.
- Get a copy of the recorded warranty deed: Once the deed is recorded, the grantee should request a copy of the recorded warranty deed from the county recorder's office.
Common Uses of Illinois Special Warranty Deed Form
Typical uses of an Illinois special warranty deed form include:
- Real estate sales: A special warranty deed is often used when a property is being sold by the current owner to a new owner.
- Property transfer between family members: A special warranty deed may be used when a property is transferred between family members, such as from parents to children or siblings to siblings.
- Property transfer between business partners: A special warranty deed may be used when a property is transferred between business partners, such as in the case of a partnership dissolution.
- Property transfer as part of a divorce settlement: A special warranty deed may be used when a property is being transferred as part of a divorce settlement, such as when one spouse is awarded the property as part of the divorce judgment.
- Property transfer as part of an estate settlement: A special warranty deed may be used when a property is being transferred as part of an estate settlement, such as when the property is being transferred from the deceased person's estate to their heirs.
- Property transfer after a foreclosure: A special warranty deed may be used when a property is transferred after a foreclosure, such as when the property is transferred from the foreclosing lender to a new owner.
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Fillable online Illinois Special Warranty Deed Form