A Quit Claim Deed conveys a property interests to another party or entity. Unlike a Warranty Deed, a Quit Claim Deeds does not guarantee that the person transferring their title interests has good title. Essentially, a Grantee or the person(s) receiving the property interest is receiving the title that the transferor or the Grantor has.
There are several reasons why one would consider hiring us for a property transfer or otherwise known as a “Quit Claim Deed”:
- A person wants to add their name to title for refinance purposes;
- A person wants to add a family member (spouse, son, daughter) or other party to their house and title;
- A person wants to transfer an investment or vacation property into their LLC or Corporation’s name;
- A person or couple wants to transfer their real estate interests into a Revocable Living Trust or otherwise known as a “Living Trust”
- Changing the character of property ownership such as changing the title from joint tenants to tenancy by the entirety;
- A person or entity has undergone a divorce and is transferring a property interests as a consequence of a divorce or breakup proceeding;
- A spouse wants to add their spouse to title;
- Clearing up title issues such as when a loved one deceases, and the joint tenants want to resolve any title issues;
- A person dies and the heirs agree and can prove heirship in a clear and convincing manner without a probate proceeding.
What do we charge?
We charge $300 for drafting a quit claim deed and recording the deed for you (in most jurisdictions) plus costs (or recording fees and real estate transfer applications). If you will be handling the recording process and obtaining the real estate transfer stamps yourself, we will only charge $225 plus costs. A real estate transfer stamp is required in many jurisdictions such as cities and villages.
Here are some cities that require real estate transfer stamps in the local area: Aurora, Joliet, Chicago, Romeoville, and many other jurisdictions. Technically, a client can manage the real estate transfer stamp process and recording of the deed on their own. However, in our experience, some clients lack the time and expertise to handle this part of the process. Our team is available to handle the real estate transfer tax process for you if you desire. We will email you a request for payment where you can pay by credit card or check. Please note with checks that we cannot complete the work until the check has cleared, which sometimes takes up to 7 days.
What information do we need?
In most cases, we will need the property address, the marital status of all of the Grantors (sellers) including addresses and spouse’s names (if applicable); the marital status of all of the Grantees (buyers or people receiving the property interest) including addresses and spouse’s names (if applicable); and where the real estate tax bills should be transferred to. In most cases, we will acquire a copy of your last deed of record. If a spouse has deceased, we will need to know the date of their death; need a copy of their death certificate; their address at the time of death including any heirs’ names, their marital status’s and addresses. Heirship deeds may be subject to additional legal fees due to the complexity and time involved with these transactions.
Do We need to Meet?
No, we do everything via the phone, internet, email and or zoom video teleconference. We do have a basic quit claim deed interview form that we ask prospective clients to fill out. Clients are always responsible for their own recording fees, any real estate transfer exempt application fees charged by their Cities or Municipalities, and or any other charges (not charged by us).
Please note that the City of Chicago and Cook County requires additional paperwork so you should expect to add a $50 charge for City of Chicago transactions. City of Chicago transactions require a Quit Claim Deed, Grantor and Grantee Index Statement, and a MyDec filed out along with coordination for the payment of the Chicago of Chicago Water Department ($95) and Recording Costs of $98.
Why Trust Us to Do Your Quit Claim Deed or Related Documents?
We do a lot of quit claim deeds monthly. We do up to 40 quit claim deeds per month. We are referred by title companies and do many quit claim deeds for the following mortgage companies (but not limited to them):
- Fairway Mortgage
- Busey Bank
- Neighborhood Loans
- NuMark Credit Union
- Cross Country Mortgage
- First Midwest Bank
- Sterns Lending
- Mutual of Omaha
- Caliber Home Loans
- Land Home Financial Services
- Cardinal Financial Company
- Paramount Residential Mortgage
- Loan Depot
Sean Robertson and his team of paralegals and assistants are experienced in the areas of real estate, quit claim deeds, and real estate transactions. You can call us at 630-780-1034 or via online contact form.