Every business in the Chicago area needs to understand the legal importance of deeds. Deeds are written documents that establish ownership of a particular property and are used to transfer important rights to that property. In addition, deeds can be used to outline legal rights and obligations pertaining to the ownership and use of a particular piece of property. Because a deed is a legally binding document, it is important for Chicago-based businesses and their lawyers to understand all the different kinds of deeds and how best to use them.

Types of Deeds

There are several types of deeds used in the legal system. The most commonly used are Quitclaim deeds, Warranty deeds, and Special Warranty deeds. A Quitclaim deed is used to transfer a property right from one person to another without providing any guarantee or assurance that the person actually holds title to the property. Warranty deeds are often used in residential real estate transactions, and they provide guarantees that the person transferring title does in fact own the real estate and to the best of their knowledge, the property is free and clear of encumbrances. Special Warranty deeds are typically used for commercial real estate transactions and provide assurance that the property was free of encumbrance when the title was transferred.

What Rights are Transferred in a Deed?

When a deed is used to transfer property rights, it typically transfers the right to possess, use, and enjoy the property in question. It may also transfer certain contractual rights, such as an agreement to maintain the property in a particular condition. Finally, it may impose certain obligations on the person receiving title, such as the duty to maintain the property in a certain manner.

Advantages of Having a Legal Professional Draft a Deed

Using a legal professional to draft a deed ensures that the deed is properly formatted and written with the proper language to convey the exchange of rights. A legal professional will also be well-versed in Chicago-specific real estate regulations, such as the various zoning and construction laws. Furthermore, a legal professional can advise the parties to the deed as to their respective rights and obligations as outlined in the deed.

Key point

Understanding deeds is essential for any Chicago-based business to have the assurance that their property rights are adequately protected. A deed transfer can be complex, and having a legal professional to ensure the deed is properly written can give the parties to the deed peace of mind that the deed is legally binding.