Real Estate Attorney

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Buying and selling real estate without the assistance of an experienced real estate attorney in Illinois could land you in hot waters. Real estate attorneys warn people from coming up with their own quitclaim deed in Illinois. People interested in creating their own deed must do so with caution. For those interested in creating the right form of tenancy for the new grantee, it becomes necessary to comprehend multiple types of tenancies. Each tenancy effects ownership rights and a property attorney is the right person to explain the different tenancies that could affect the transaction negatively or favorably.

Make sure you include the right “subject to” clauses in the Quitclaim deed, as it might effect property taxes and homestead exemptions, among other things. A generic and simple Quitclaim Deed will lack the clauses and other details to conduct a property transaction in Illinois.

In Illinois, most counties and cities charge a property transfer tax or fee on each transaction. This is where things get a interesting. A Quitclaim Deed may help you qualify for an exempt transfer depending on the conveyance. An exempt transfer is possible when you qualify for the exceptions that allow you to be exempted from the massive transfer taxes.

Difference between a Deed Contract and Quitclaim Deed

Across Illinois, a Warranty Deed contract is one of the most widely used documents in real estate transactions. The deed warrants anyone who signs over the ownership of the property is the actual owner who holds the legal rights and title to said property. Furthermore, it goes on to provide a guarantee that if a possible lien is found on the title, the buyer is liable to sue the seller. The biggest advantage of title insurance is it protects the buyers from any discrepancies or legal surprises, like money owed against the property.

On the other hand, a Quitclaim Deed simply states the full ownership and other rights the individual responsible for the property transfer has, are now transferred to another person. The Quitclaim Deed does not make promises about any discrepancies that might come up during transfer of property. All buyers need to be careful when a seller asks them to finish the deal based on a simple Quitclaim Deed. This deed is feasible for those who wish to add a spouse, or a partner to their property ownership, remove their ex-spouse after a divorce and when the owner decides to change the name of the property. The Quitclaim Deed should not be considered as guaranteed proof of ownership transfer.

For further information on contract laws pertaining to real estate or to schedule a free consultation, it is highly suggested that you contact Casement Law Group, P.C. today at (847)-888-9300 to speak with a veteran real estate lawyer on this issue.

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