Understanding Frequently Asked Questions About Deed Definition in Chicago
Transferring Title to Real Property: A Legal Deed3 min read
A deed is a legal document which allows the transfer of title to someone’s real property from one person or entity to another. It will give the buyer an abstract of the property, outlining the restrictions on its use, the payments due to and from each party, and the deed’s terms and conditions. On the other hand, when you purchase a deed, you purchase title and a series of rights that come with the property.
Due to the complex, and sometimes tedious, nature of these deeds, it is important to understand all of the intricacies that go into them. With that in mind, this article outlines some frequently asked questions and answers regarding deed definition in Chicago.
What is a Deed of Assignment?
A deed of assignment is a document in which an owner transfers title to a certain property from one entity to another. It is used to transfer legal title of a property or asset to a new owner. The deed should include all relevant information needed to transfer the title, such as the seller's name, details of the buyer, the property address, and the grantee's acceptance of the property.
What is a Quit Claim Deed?
A quit claim deed is a document that is used to transfer property from one owner to another without making any warranties or representations about the property. This type of deed is typically used when the seller has no or minimal knowledge of the title to the property. The key difference from a deed of assignment is that the latter makes an express promise that the title of the property is unencumbered, which is not the case with a quit claim deed.
What are Common Methods of Recording a Deed?
Recording a deed serves to provide notice of the transfer in writing to the public through a governmental agency. In Chicago, for deeds transferring real property, the deed must be signed by both the seller and buyer and must be duly acknowledged, typically by a notary public. Common methods of recording a deed include:
E-recording: This is a method whereby an electronic document is sent to the county recorder or registrar for recording. The document is then electronically stored, allowing for easier access by title underwriters, lenders, and other interested parties.
Mail: This method involves recording the deed by sending the original deed, along with the proper registration forms, to the county recorder or registrar via mail.
In Person: This is the most involved method as it requires the buyer and seller to present the deed to the county recorder or registrar in person. The deed will then be recorded, usually within a few minutes.
What are the Requirements for a Valid Deed?
For a deed to be valid in Chicago, it must fulfill certain requirements. These include:
The deed must be in writing and signed by the grantor (seller).
The deed must contain a description of the property to be transferred.
The deed must contain a statement indicating that the grantor is transferring title to the property.
At least two witnesses must be present when the deed is signed.
The deed must be acknowledged before a notary public.
In the end
Understanding deed definition in Chicago can be a difficult but necessary part of transferring real property. It is important to be fully aware of all applicable laws and regulations so that the deed is valid and can stand up to potential legal challenges. To make sure that all of the requirements for a valid deed are met, it is always a good idea to consult with an experienced business lawyer who is familiar with local regulations. UpCounsel can provide access to experienced attorneys who understand Chicago’s laws and regulations, so that the transaction will go as smoothly as possible.