Understanding Deeds in Order to Prepare for Chicago-Based Legal Support
A deed is a legal instrument that conveys property of some kind2 min read
A deed is a legal instrument that conveys property of some kind. In real estate, a deed is a written contract or document that conveys the legal title of a real property. It must be signed and delivered to be effective. Here, we’ll discuss the specifics of deeds, including types of deeds, deed requirements, and the roles of a deed. With this understanding, you’ll be in a better position to determine the legal support you may need regarding deeds in the Chicago area.
Types of Deeds
Deeds commonly used in real estate transactions fall under three broad categories: warranty deeds, quitclaim deeds, and special warranty deeds.
A warranty deed guarantees that the title the grantor gives to the grantee is free from encumbrances—debts, claims, or liens involving the property—made by people other than the grantee. The guarantee is known as a “covenant of seisin.”
A quitclaim deed, on the other hand, is used to transfer any interest that the grantor has in a property, which may be different from the type of interest they own. Although a quitclaim deed establishes ownership of real estate, it does not guarantee that the title the grantor is transferring is free from liens or encumbrances.
Finally, a special warranty deed if similar to a warranty deed but usually in regards to a much shorter period of time—generally the length of the grantor’s ownership.
Requirements for a Valid Deed
In order for a deed to be legally binding, certain elements need to be satisfied. For a deed to be valid, must including the following:
1. Identification of the parties and their addresses.
2. Description of the property in question.
3. Identification of the grantor, grantee, and any witnesses.
4. Signature of the grantor.
5. Signature of any witnesses and/or notary public.
Although requirements can vary from state-to-state, these elements must be present for the deed to be enforceable.
Roles in a Deed Transaction
Now that you understand what a deed is and the requirements needed to have a valid deed, let’s discuss different roles involved in the transaction of deeds.
The grantor is the person giving the deed. The grantor must have the right of title over the property in order for the deed to be valid.
The grantee is the person receiving the deed, and must be clearly identified in the deed.
The witness(es) can include family or friends. Witnesses are necessary for the deed to be legally binding when it has been signed by the grantor.
Finally, a notary public or lawyer can be present to authenticate the deed if required.
Wrapping up
The information above should give you an idea of the types of deeds, deed requirements, and the roles in a deed transaction. Similarly, you’ll have a better understanding of why legal support can be instrumental when finalizing a deed transaction in the Chicago area. When selecting an attorney or online legal service, focus on their experience handling deed transactions, proper documentation, and even zoning ordinances. UpCounsel has a network of experienced business lawyers that are excellent candidates to provide the support you need. In addition, their profiles contain ratings from past clients as well as reviews of their work.
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