Updated on August 17th, 2022
An Illinois general warranty deed allows real estate to be conveyed from one party to another, and a full warranty of title is provided to another with the inclusion of a full warranty of title to the grantee (buyer). The deed’s language will communicate that the seller is the rightful property owner and that they indeed have the right to sell the real estate. It will also relay that no third parties have a claim to the title and that the property will be transferred unencumbered to the new owner.
Since a general warranty deed offers the most comprehensive protection to the grantee, most money lenders will require that this type of deed be executed if they are to provide financing for the real estate purchase.
- Statutes: 765 ILCS 5/9
- Formatting: 765 ILCS 5/9
- Signing Requirements (765 ILCS 5/20): Notary Public
- Where to Record (765 ILCS 5/28): County Recorder’s Office
- Recording Fees (55 ILCS 5/4-12002.1(1)): Minumum $20 plus an additional $9 for the Rental Housing Support Program State surcharge.
- Form PTAX-203 (PDF / Online): Unless an exemption notation has been provided, this document must be filed with every recorded deed.
- Form PTAX-203-A (PDF): For non-residential transfers with a sale price exceeding $1 million.
- Form PTAX-203-B (PDF): For beneficial interest transfers.
- Form PTAX-203-NR (PDF): For non-recorded transfers.
- Radon Disclosure (420 ILCS § 46/1): The Disclosure of Information on Radon Hazards and the Radon Testing Guidelines for Real Estate Transactions documents must be given to potential home buyers by the sellers of the homes they are interested in.
- Residential Property Disclosure Statement (765 ILCS 77/35 & 765 ILCS 77/20): When filled out by the seller, this completed document will provide prospective homeowners with important information regarding the condition of the property they are interested in buying.