Illinois Warranty Deed

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What Is an Illinois Warranty Deed?

An Illinois warranty deed is a legal instrument that transfers real estate ownership while providing the highest level of protection to the buyer. The seller (grantor) legally guarantees that they hold clear title, have the right to convey it, and that the property is free of undisclosed liens. If a title defect from the property's history is discovered later, the buyer can hold the seller liable.

When to Use a Warranty Deed in Illinois

  • Purchasing residential or commercial property from an unrelated seller in a traditional sale.
  • Satisfying the requirements of a title insurance company to issue a title policy.
  • Meeting a mortgage lender's requirements for maximum title protection before loan approval.

Illinois Requirements for Warranty Deeds

  • Signing: The grantor(s) must sign the deed.
  • Notarization: The grantor's signature must be acknowledged by a notary public.
  • Witnesses: 0 witnesses are required by Illinois law.
  • Recording: The deed must be filed with the County Recorder in the county or jurisdiction where the land is located.
  • Transfer Tax / Recording Fees: State ($0.50/$500) + county ($0.25/$500) + city (Chicago $3.75/$500). Real property transfer declaration required.
  • Legal Description: A complete and accurate legal description of the property is mandatory.

Warranty Deed vs Other Deeds in Illinois

An Illinois warranty deed holds the seller financially responsible for any past title defects, providing the buyer with maximum protection. In contrast, a quitclaim deed offers zero protection, as the seller only transfers their current interest without any guarantees.

Frequently Asked Questions

What covenants does an Illinois warranty deed include?

An Illinois warranty deed includes six traditional covenants of title: (1) covenant of seisin (the grantor owns the property), (2) covenant against encumbrances (no hidden liens), (3) covenant of quiet enjoyment (the buyer won't be disturbed), (4) covenant of warranty (the grantor will defend against claims), (5) covenant of further assurance (the grantor will execute additional documents if needed), and (6) covenant of right to convey (the grantor has the right to sell). These covenants give the buyer legal recourse if a title defect surfaces later.

Do I need title insurance with a warranty deed in Illinois?

While not legally required, title insurance is standard practice in Illinois and is typically required by mortgage lenders. Illinois uses both owner's title insurance (protecting the buyer) and lender's title insurance (protecting the mortgage company). The premium is paid once at closing and provides coverage for as long as the buyer or their heirs own the property.

Where do I record an Illinois warranty deed?

You must take the original, notarized deed to the County Recorder in the jurisdiction where the property is physically located and pay the required recording fee.

Does a warranty deed transfer my mortgage in Illinois?

No, a deed only transfers the property title. It does not eliminate your financial obligation to pay an existing mortgage. You remain responsible for the loan unless the lender explicitly agrees to a refinance or assumption.

Are there transfer taxes on an Illinois warranty deed?

State ($0.50/$500) + county ($0.25/$500) + city (Chicago $3.75/$500). Additional local recording fees also apply when filing the deed.

Can I write my own warranty deed in Illinois?

Yes, you can draft your own deed as long as it strictly adheres to Illinois's legal requirements for formatting, legal description, and notarization.