5 Things to Consider When Working with a General Warranty Deed in Chicago
No matter what kind of real estate transaction you’re entering into in Chicago, you’re going to face a myriad of legal considerations2 min read
No matter what kind of real estate transaction you’re entering into in Chicago, you’re going to face a myriad of legal considerations. When it comes to a general warranty deed, there are even more complex details to consider. Navigating these questions can be a challenge for many individuals and businesses, but UpCounsel can help. Here, we’ll explore the key considerations when creating and filing a general warranty deed in Chicago.
A general warranty deed is a legal document deed used to transfer ownership of real estate in Illinois. With this deed, the seller is not only conveying rights of ownership, but they’re also warranting rights, meaning that they’re affirming that they have the legal authority to sell the property and it’s not subject to any outstanding liens. Clearly, this is an important consideration when it comes to making sure you receive a clear title. That’s why, when it comes to creating and filing a general warranty deed, there are a number of key considerations you need to take into account.
1. Title Search
When buying, selling, or transferring real estate, it’s important to perform an official title search. This can help to ensure that there aren’t any clouds on the title, and it attests to the seller’s right to sell the deed.
2. Survey and Inspection
Before drafting and recording the deed, it’s important to perform an inspection and survey of the property you’re acquiring. This will ensure that it isn’t subject to any easements, or other unexpected encumbrances.
3. Consider Seller Representation
Often, the seller will be represented by an attorney in creating and executing the deed. A good attorney will help the seller ensure that the deed is accurate and legally sound.
4. Requirements for Completion and Execution
The deed must specify who’s being transferred. All parties must be formally identified in the grant deed section. Furthermore, all parties must sign and have their signatures witnessed by a notary and then recorded in the local county records.
5. Tax Considerations
Taxation must also be considered when creating a general warranty deed. Generally, taxes are due when the title passes hands. It’s important to ensure that taxes are paid so that you’re not liable further down the line.
Are you in the process of creating a general warranty deed in Chicago? It doesn’t matter whether you’re buying, selling, or transferring real estate, having the right guidance is essential. With UpCounsel’s network experienced lawyers, you can be sure to receive the support you need.