Such form shall have a blank space of 3 1/2 inches by 3 1/2 inches for use by the recorder. The names of the parties shall be typed or printed below the signatures. The grantor (here insert grantor’s name or names and place of residence), for the consideration of (here insert consideration), convey and quit claim to (here insert grantee’s name or names) all interest in the following described real estate (here insert description), situated in the County of …., in the State of Illinois. “Quitclaim deeds may be, in substance, in the following form: Illinois has a very specific statute that outlines what a quit claim deed must say to be effective. Co., 142 NE 2d 717 – Ill: Appellate Court, 2nd Dist. “A quit claim deed conveys only the grantor’s interests in the property described therein” Hulke v. A deed memorializes the transaction between the parties.Ī quit claim deed is a deed that transfers ALL of one parties’ interest to another party. If one spouse transfers their interest in the property to the other spouse, they do so by preparing a quit claim deed.Īny transaction involving real estate must be made by a deed. When there is marital real estate in an Illinois divorce there are three options: sell the house and split the proceeds, one spouse keeps the house, or the other spouse keeps the house. Joint real estate, however, must be unwound in an Illinois divorce as the parties divided their marital property. “Whenever a devise, conveyance, assignment, or other transfer of homestead property maintained or intended for maintenance as a homestead by both husband and wife together during coverture shall be made and the instrument of devise, conveyance, assignment, or transfer expressly declares that the devise or conveyance is made to persons, named and expressly identified in that instrument as husband and wife, not as joint tenants or tenants in common but as tenants by the entirety, the estate created shall be deemed to be in tenancy by the entirety.” 765 ILCS 1005/1c 2007įurthermore, married people in Illinois, if they buy the home they’ll live in, they are automatically deeded the home as a tenancy by the entirety which further protects the home from creditors. Sutterer, 869 NE 2d 354 – Ill: Appellate Court, 5th Dist. ![]() “n intrinsic feature of joint tenancy is the right of survivorship, which entitles the last surviving tenant to take the entire estate” Sathoff v. If one spouse dies, the entire property passes to the other spouse without the hassle of probate court. Jointly held property has the right of survivorship. When two people are married and buy real estate, there are incredible incentives to hold the property jointly.
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