Bond County Quitclaim Deed (Partnership or Limited Partnership Grantor) Form

An Illinois general partnership can own real estate without ever filing a record with the Secretary of State: no charter names its partners, and nothing on file says who may sign for the entity holding title. This Illinois quitclaim deed is arranged around that gap: the partnership stands alone as Grantor, one partner or other authorized person signs in the partnership name, and Section 2 recites the capacity and source of that authority.

The section that lets a partner sign in the partnership name

805 ILCS 206/302(a)(1) supplies the mechanism for a general partnership or a limited liability partnership: property held in the name of the partnership may be transferred by an instrument executed by a partner in the partnership name, subject to a statement of partnership authority. Part of that question sits in the land records, because 805 ILCS 206/303(e) deems a non-partner to know of a limitation on a partner's power over such property once a certified copy of the filed statement carrying it is recorded where transfers of that property are recorded.

A limited partnership answers to a second act

The Uniform Limited Partnership Act (2001) governs an Illinois limited partnership, and 805 ILCS 215/402 draws the line this configuration turns on: a general partner's act apparently carrying on the limited partnership's ordinary activities binds it unless the other side knew or had notice that authority was lacking, while an act outside that course binds it only where all the other partners actually authorized it. The certificate filed under 805 ILCS 215/201 names each general partner. Where the general partner is itself a corporation or an LLC, an officer or manager of that entity signs for it, and Section 2 carries a line for that nesting.

Whose name the record title stands in

Under 805 ILCS 206/204 property is partnership property where it was acquired in the partnership name, or in a partner's name with an indication of partner capacity, and 805 ILCS 206/302 gives each pattern its own signature route. This form is built for title standing in the partnership's own name; where the record shows individual partners' names, subsections (a)(2) and (a)(3) route the deed to those persons instead.

What the partnership grantor configuration carries

Section 1 recites the partnership by the name title is held in, the type of partnership, the state of organization, and the principal place of business; Section 2 names the signing person, the capacity, an entity general partner where one stands in the chain of signature, and the authority. Section 13 prints the partnership name above one signature line, the printed name line takes the signer's name with the office, which is what 765 ILCS 5/35c looks for below a signature, and a single certificate in representative capacity follows the substance of 765 ILCS 5/26. Title patterns presenting this configuration include a limited partnership selling a parcel held in the partnership name since it was formed, a partnership in winding up conveying a parcel out, and a family limited partnership passing a parcel to a successor entity in a restructuring. Two signing partners sit outside the layout, and homestead has no place on it, since 735 ILCS 5/12-901 gives that estate to an individual who occupies a residence.

Released, never warranted

Under 765 ILCS 5/10 a deed in statutory quitclaim form releases in fee the rights the grantor holds at delivery, with no covenant of title and no reach to after-acquired title unless Section 10 adds words for it. Liens, easements, and plat restrictions of record continue against the parcel, and a partnership that signed a note is still on the note.

Transfer tax, and what the recorder reads

A partnership sale is usually taxable, so the declaration route is the common one: the 35 ILCS 200/31-25 declaration through PTAX-203 or MyDec, state tax at 50 cents per $500, a county tax of up to 25 cents under 55 ILCS 5/5-1031, and municipal proof where 55 ILCS 5/3-5021 conditions recording on it. Section 12 also prints the exemption notation citing the paragraph of 35 ILCS 200/31-45 relied on; the example takes the taxable route for a Lake County sale.

The purchase brings the fillable partnership quit claim deed, an example completed through the notary's commission date, and a guide walking all thirteen sections with authority, execution, notarization, and recording. These pages are general information about Illinois law, not legal advice; how the rules land on one partnership agreement or one chain of title is a question for an Illinois attorney.