Deeds and conveyances are crucial elements of real estate law in Illinois, facilitating the transfer of property ownership between parties. Understanding the types of deeds, legal requirements, and conveyance process is essential for buyers, sellers, and real estate professionals. Real estate attorneys play a vital role in drafting, reviewing, and executing deeds and conveyances, ensuring smooth and legally binding property transfers while protecting their clients' interests.
Definition and Requirements
A deed is a legal document that transfers ownership of real property from the grantor (seller) to the grantee (buyer). In Illinois, the three main types of deeds are:
1. Warranty Deed: Offers the highest level of protection to the grantee, with the grantor guaranteeing clear title and defending against any claims or encumbrances.
2. Special Warranty Deed: The grantor guarantees no title defects during their ownership but does not warrant against prior encumbrances or claims.
3. Quitclaim Deed: Transfers the grantor's interest, if any, without warranties or guarantees about the title. Often used to clear title issues or transfer property between family members.
To be valid and enforceable in Illinois, a deed must meet the following requirements:
1. In writing, identifying the grantor, grantee, and property
2. Signed by the grantor in the presence of a notary public
3. Delivered to and accepted by the grantee during the grantor's lifetime
4. Supported by valuable consideration (even if nominal)
5. Includes a legal description of the property
Handling Deeds and Conveyances
Real estate attorneys assist clients in handling deeds and conveyances by:
1. Drafting deeds that accurately reflect the parties' intentions and comply with Illinois law
2. Reviewing existing deeds for validity and potential issues
3. Conducting or reviewing title searches for liens, encumbrances, or defects
4. Coordinating and attending closings for deed execution and delivery
5. Ensuring proper recording of executed deeds with the county recorder's office
6. Resolving title issues that may arise during the conveyance process
Typical Legal Process
1. Contract Review: The attorney reviews the real estate purchase contract for accuracy and completeness.
2. Title Search: The attorney conducts or reviews a title search to identify liens, encumbrances, or defects affecting the property.
3. Deed Preparation: The attorney drafts the appropriate deed (warranty, special warranty, or quitclaim) based on the transaction type and parties' preferences.
4. Deed Review: The attorney reviews the deed with the client for accuracy and understanding.
5. Closing: The attorney attends the closing, ensuring proper execution, notarization, and exchange of the deed for the purchase price, as well as disbursement of funds according to the agreement.
6. Recording: The attorney arranges for the executed deed to be recorded with the county recorder's office, providing public notice and protecting the grantee's interests.
7. Post-Closing: The attorney provides the client with a copy of the recorded deed and assists in resolving any post-closing issues.
Throughout the process, real estate attorneys offer guidance, support, and advocacy to help clients navigate the complexities of deeds and conveyances, ensuring smooth and legally binding property transfers.