Ordinarily, when you buy a house, the property is transferred by means of a warranty deed. With this type of deed, the seller warrants that he owns the house and is transferring good title. A quit claim deed contains no such warranty. It transfers whatever interest the seller has, if any, to the buyer. If he does not have title, no interest is transferred. If he has title, but there are liens on the property, the buyer is stuck with those liens.
When you buy a house in Illinois, the seller generally proves that he has good "marketable" title through title insurance. This is generally a requirement in a real estate sale contract. I suggest that you talk to a competent real estate lawyer about the specifics of your transaction before doing anything more.
James B. SpinaLaw Offices of James B. Spina, Ltd.708-647-1900jbs@spinalaw.com
Answered on Aug 09th, 2012 at 6:06 PM