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Quit Claim Deeds After A Divorce in Illinois

Marital Settlement Agreements are a written agreement, which describes the duties and obligations of the parties with respect to property settlements.  Furthermore, a Judgment for Dissolution of Marriage is a legal document, which finalizes the divorce process and incorporates the terms of the marital settlement agreements.  Often, marital settlement agreements requires one or both parties to transfer their property interest to the other divorcing party within a certain time frame.

Quit Claim Deed Attorneys in Illinois

A Quit Claim Deed is a legal document, which transfers a property interest or removes a property interest from one party to another party.  In a divorce situation, the purpose of the Quit Claim Deed is to remove one party’s interest in a particular property (or properties).  Unlike a warranty deed, the party receiving the transfer of real estate only secures the interest that the transferring party has subject to any judgments or liens.  There is no warranty of title unlike a sale of a home where title insurance is purchased and the title received is warranted free and clear of liens or judgments.

Marital Settlement Agreements are a written agreement, which describes the duties and obligations of the parties with respect to property settlements.  Furthermore, a Judgment for Dissolution of Marriage is a legal document, which finalizes the divorce process and incorporates the terms of the marital settlement agreements.  Often, marital settlement agreements requires one or both parties to transfer their property interest to the other divorcing party within a certain time frame.

Quit Claim Deed Attorneys in Illinois

A Quit Claim Deed is a legal document, which transfers a property interest or removes a property interest from one party to another party.  In a divorce situation, the purpose of the Quit Claim Deed is to remove one party’s interest in a particular property (or properties).  Unlike a warranty deed, the party receiving the transfer of real estate only secures the interest that the transferring party has subject to any judgments or liens.  There is no warranty of title unlike a sale of a home where title insurance is purchased and the title received is warranted free and clear of liens or judgments.

Exempt Real Estate Transactions

Generally, Illinois real estate transfers where the amount paid is $100 or less is not subject to the Illinois Real Estate Transfer Tax.  Property transfers pursuant to an Illinois divorce decree is a tax-free transfer.  However, many cities and municipalities have a filing process, which may require an application and a small fee ($30 to $50) prior to a Quit Claim Deed being recorded. Often times, a city or municipality will require a fee to see whether any city debts are owed.

Therefore, the County Recorder’s Office will not record a Quit Claim Deed unless the local real estate transfer laws are met (if there is a requirement).  Please note that many cities and municipalities have no requirement and a Quit Claim Deed may be recorded without permission from your local city or municipality.  The County Recorder’s Offices in the State of Illinois require a stamp or otherwise known as a “real estate transfer stamp” prior to the recording of a quit claim deed in the State of Illinois (where the local laws require it).  The City or Municipality will not give the real estate transfer stamp until all debts are paid to that municipality.

Best Time is Immediately Before or After a Divorce

The best time to prepare and execute a Quit Claim Deed is immediately before or after a divorce.  In many instances, we have noticed that people find out during their mortgage refinance or sale process that they never carried out the terms of the marital settlement by having their ex-spouse remove their names from the title to their properties.  Reaching an ex-spouse after a divorce is difficult because the spouses may have re-located or have less than amicable feelings about one another.

Mortgage Responsibility

A Quit Claim Deed does not affect the mortgage responsibility.  A party has co-signed or signed their names to a mortgage are still responsible for the mortgage debt until one party refinances their names off of the property or the mortgage is paid in full.  Therefore, the Quitclaim Deed is a property transfer strategy, which effects the legal ownership of real estate property.

Real Estate Deed Preparation Attorneys

Sean Robertson and Gateville Law Firm prepare Quit Claim Deeds in the suburbs of Chicago; Chicago; and Cook County.  Our real estate deed preparation attorneys prepare a significant number of property deed transfers for major mortgage companies and divorcing spouses when they have separated or divorced from one another.  We operate virtually and we will swiftly draft and record your quit claim deed for an affordable fee.  An office visit is unnecessary.

Sean Robertson may be reached at 630-780-1034

or via email at Sean@GatevilleLawFirm.com

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