What is a quit claim deed?

A quit claim deed is a legal document used in residential real estate law in Illinois. It is used when transferring ownership of a real estate property from one person to another. The quit claim deed does not guarantee a title in the new owner’s name, but rather is a “quitclaim” of any rights the current owner may have to the property. The document states that the current owner is releasing any and all claims to the property and transferring the ownership to the new owner. This means that the current owner makes no warranties or claims about the title or ownership of the property. They are simply relinquishing their rights to the property. From a legal perspective, the quit claim deed is often used when family members are transferring ownership between each other, or when a property owner is selling an undeveloped or unoccupied land. It is important to note that the quit claim deed does not remove any liens or debt from the property, so the new owner will still be liable for any existing debt. Overall, a quit claim deed is simply used to transfer ownership of a residential real estate property in Illinois. It does not provide any warranties or guarantees on the title of the property and does not eliminate any outstanding debt or liens associated with the property. It is a legal document that is often used in family transfers or sale of undeveloped property.

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What is a quit claim deed?

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