Understanding Quit Claim Deeds and How to Get Started in Chicago
In real estate law, quit claim deeds allow people to transfer the rights that they have in a property to another person3 min read
In real estate law, quit claim deeds allow people to transfer the rights that they have in a property to another person. Quit claim deeds are used by people who are selling, buying, transferring, and sometimes gifting property. It is important to comprehend the process as well as the regulations for quit claim deeds in Chicago when you are making a transfer. To understand the process and regulations for quit claim deeds in Chicago, this article will explain the process and dive a bit deeper into understanding the legal technicalities for using a quit claim deed.
What is a Quit Claim Deed?
A quit claim deed is a legal document that is used to transfer the rights that a person has in a piece of property. It is a type of deed that is seen often in the transfer of real estate legally and is primarily used in the instances of a sale, transfer, or gift of real estate. Given that the quit claim does not guarantee any sort of warranty on the title or ownership of the property, you will need to ensure that you are getting a clear title by conducting a title search.
Using a quit claim deed in the Chicago area can be done in person or digitally, by virtue of the Electronic Registration Systems, Inc. statutes. Most of the time, as it is in most of the United States, quit claim deeds are signed and recorded at your local county recorder’s office.
What are the Requirements for a Quit Claim Deed?
In Illinois, as well as many other states, you will need to meet certain conditions on your quit claim deed in order for it to be valid. These requirements can vary from state to state, so ensure that you are up to date on the rules and regulations. In Illinois, these requirements are that each transferor or grantor must be at least 18 years old, a legal adult and the grantee must sign the deed, and after signing, must be notarized or have witnesses.
If you are looking to transfer your property to an LLC and you happen to live in Chicago, you are not only required to include the LLC name and address but also the name or names of the members of the LLC and also the full name of the authorized signer.
Understanding Local Regulations
Regardless of whether you are a homebuyer, seller, or a donor, it is important to understand the local regulations of Chicago in order to use your quit claim deed legally and without any risk. Every Chicagoan should know that the quit claim deed is recorded with the county recorder and should be made aware of the fees associated with it.
When signing the document, all individuals with rights to the property should be present or issue a power of attorney in order to avoid any legal issue down the line.
Who to Consult Before Signing
It is a given that you should consult with an attorney before signing any legal document, including a deed. Chicago has many veteran attorneys who understand the legal technicalities of quit claim deeds to provide counsel with the regulations and process of using a quit claim deed in Chicago.
When looking for a lawyer that specializes in Chicago real estate law, UpCounsel should be your first stop. From small businesses to the Fortune 1000, UpCounsel and its attorney community can provide high quality, cost-effective legal services to understand the regulations and process of using a quit claim deed in Chicago when making a transfer. At UpCounsel, you can access to high quality attorneys with an average of 14 years of experience and you can also view the profiles of the online attorneys to be able to read their client ratings and reviews of recent work.
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