A quitclaim is a legal document that transfers ownership from one party to another. This legal instrument is typically used in real estate transactions. If you are looking to buy or sell real estate in Chicago, it is important to understand the implications and considerations of a quitclaim. Here are the top five things to consider when engaging a quitclaim in the Chicago area.

1. Legal Definitions

When engaging the services of a lawyer in Chicago, it is essential for both parties to have a clear understanding of the legal definitions associated with quitclaims. In the state of Illinois, a quitclaim is defined as “conveying the title/ownership of real estate from one person to another with no warranty or guarantee.” This means that a quitclaim is used to transfer ownership or title, rather than to address any outstanding claims to the property. It is very important for both parties to be mindful of this distinction, as the quitclaim will not settle any disputes over the ownership of the property.

2. What is Not Covered by a Quitclaim?

A quitclaim is not a contract for the sale of real estate, so it does not cover any matters pertaining to the sale or transfer of the property. This includes issues such as title insurance, escrow services, home inspections, and any other conditions of the sale. It also does not address any liens, mortgages, or encroachments on the property. Any of these matters must be addressed separately from the quitclaim.

3. Know Your Rights

It is important to understand that a quitclaim does not guarantee any rights to the new owner. It simply conveys ownership from one party to another. Therefore, it is essential to research the legal status of the property prior to filing a quitclaim. This includes researching previous title disputes, liens, mortgages, or encroachments. Make sure to consult with a real estate attorney if you discover any potential issues that could impact the transfer of the property.

4. Notarization

In addition to consulting with a real estate attorney, it is also necessary to ensure that all parties involved in the quitclaim are properly notarized. In the state of Illinois, all signatures on a quitclaim must be notarized to be legally binding. Make sure that no changes are made to the certificate until all documents have been properly notarized by a qualified notary public.

5. Filing

Once the document has been notarized, it must be filed with the proper government authority. In the state of Illinois, this document is typically filed with the County Recorder’s Office. Depending on the location of the property, additional documents may need to be filed as well. Make sure to check with the local government office for the most up to date filing information.

Engaging the services of an experienced attorney is essential when filing a quitclaim in Chicago. Make sure to do your research and understand the legal implications before moving forward. By following these five simple steps, you will ensure that the quitclaim is properly executed and that all parties are fully aware of their rights and obligations.

Topics:

Quitclaim,

Chicago,

Legal Document