Legal Question in Real Estate Law in Illinois

Not sure if you mean the previous deed was a quit claim deed, or the deed the seller is going to give you will be a quit claim deed. The good news is, your question is easy to answer. You need to hire a real estate attorney. He or she will help you understand the difference, the risks, and how to minimize those risks. When title is derived through foreclosure, which seems to be the case here, there are almost always peculiarities.

I agree with Attorney Moens that there is much more to consider than just the deed. Often, with real estate, it's a question of saving a small amount now and taking the risk that you will be one of the lucky who get by, rather than one of those who will spend a lot later. Often, your closing attorney will also save you back part of her or his fee in recognizing corrections in the figures or knowing ways to keep certain costs down, which is in addition to reducing your risk of discovering issues down the road.

Concerning the deed, your closing attorney will make sure that you are protected by title insurance regardless the form of deed, but you lose the benefit of a claim on title against the former owner and anyone that stands to defend that owner's title. So, usually, you will negotiate for a warranty deed.

These days, with the bank-owned transactions, usually you are provided a Special Warranty Deed with the distinction that the seller is warranting only their title, not any breaks that may have occurred prior to the seller's acquisition.