A deed is a legal document that is used to transfer property, or certain rights in property, from one person to another. In the context of real estate transactions, a deed is a written contract that is used when transferring title to a property from one party to another. The most common deed used in transferring real estate in Chicago is the General Warranty Deed, which is a legal document that attests to the facts of the transaction. It guarantees that the legal description of the property is accurate and that the deed grantor has the right to transfer title.

In Chicago, the deed must be signed by both parties and preferably witnessed. The deed is then recorded by the Recorder of Deeds in the county where the property is located. Once this is done the transfer of title is complete and the parties to the deed may take possession of the property.

Understanding the role of a deed is important for anyone buying or selling a property in Chicago. Ensuring the deed is properly executed and recorded is essential in order to confirm the property is being sold or transferred free and clear of any liens or other interests.

In this article, we will discuss the various types of deeds often used in Chicago real estate transactions, the role of the deed in completing the transfer of title, the transfer responsibility of each party, and the implications of a deed that is not properly executed and recorded.

Types of Deeds in Chicago Real Estate Transactions

There are several types of deeds that can be used in real estate transactions in Chicago. One of the most common is the General Warranty Deed which guarantees that the grantor of the deed has full authority to convey the title and has clear title from any claims and liabilities in the property. Another common form is the Special Warranty Deed which warrants that the grantor of the deed has full legal title to the property and has not made any misrepresentations about the title.

The Quitclaim Deed is sometimes used in Chicago when ownership of a property is being transferred. It is important to note that a Quitclaim Deed does not provide any warranties and the grantor does not guarantee that she has clear title to the property. The grantor is merely releasing her interests in the property and transferring any rights that she may have in the property to the grantee. A deed of trust is also sometimes used in Chicago real estate transactions. This type of deed provides the grantor with considerable control over the property and provides the lender with a lien on the property.

Role of the Deed in Transferring A deed is essential in transferring title of the property in a real estate transaction. The deed must be properly execute and witnessed in order to be valid. The deed must also be in record with the Recorder of Deeds in the county where the property is located. Once this is done, the transfer of title is complete and ownership of the property has been transferred.

In Chicago, the deed must meet state requirements and must include the names of both parties, a legal description of the property, and the terms and conditions of the sale. The deed must be executed in the presence of a notary public or another witness. Once the deed is signed, it is then sent to the Recorder of Deeds in the county where the property is located to be recorded.

Responsibilities for Transferring When transferring title of a property in Chicago, both the grantor and the grantee have certain responsibilities. The grantor must ensure they have the right and authority to sign and transfer title of the property. The grantor is also responsible for providing any documents necessary to the county recorder for the deed to be recorded, such as a deed of trust or other forms.

The grantee must make sure the deed meets all requirements of Illinois state law, including the names of all parties, a legal description of the property, and the terms and conditions of the sale, and must also be properly witnessed.

Implications of a Deed That is Not Properly Executed and Recorded

It is essential that a deed is properly executed and recorded in order to transfer title of the property. Without a valid deed, it is very difficult to transfer title and a title dispute may arise if a deed is not properly executed and recorded.

In the event of a title dispute, it is possible that the deed may be deemed invalid and the transfer of title may be set aside if it is found that the deed was not properly executed or recorded. It is therefore important to understand the implications of a deed that is not properly executed and recorded, as it could lead to lengthy and costly litigation.

Concluding concepts

A deed is a legally binding document that is used to transfer title of a property from one party to another. In Chicago, it is important for all parties involved in a real estate transaction to understand the role of the deed, what responsibilities each party has for transferring title, and the implications of a deed that is not properly executed and recorded. It is advisable to seek the advice of an experienced lawyer in order to ensure the deed is properly executed and recorded.

Topics:

Deed,

Chicago Real Estate,

Lawyer