Legal Question in Real Estate Law in Illinois

Why don't you order the title work now, to make sure that there are no current liens. If there aren't any, or if you will be paying them off at the closing, you can provide a warranty deed.

The new title insurance commitment, reviewed by your closing attorney, will give you the assurance you need to warrant the title to the buyer. It is unlikely that in an arms-length transaction the buyer(s) will accept anything less than a warranty deed.

The difference in the two is that if there is a defect in title, you were not assured about it. These buyers will be assured, but they will also receive title insurance, which will be their best recourse in the event a defect is later identified. With a quit claim deed, you received whatever the grantor owned, which could have ranged from absolutely nothing to perfect, clear title. In your case, you had some assurance from knowing your sister's situation what you were getting, but it would have been well advised to purchase a title policy before you invested several years. Hopefully, you will not find a defect when you have the title reviewed. As an attorney, to be prepared, I would order a preliminary title commitment now, before listing the property. It can be updated once you secure a buyer.

You will find that most closing attorneys will charge the same flat fee regardless whether you contact them now or right before closing. Note that an attorney's hands will be substantially tied if you do not have her or him retained while the contract is still negotiable.

At a minimum you should be able to offer a special warranty deed, and with proper title insurance a general warranty deed.