Yorkville Quit Claim Deeds Attorney

Lawyer in Kendall County for Residential Real Estate Deeds

In a real estate transaction, a deed will be used to transfer the property from the buyer to the seller. A deed is a legal document that includes the names of the buyer and seller, a description of the property, and details about how ownership will be transferred. Different types of deeds may be used depending on the circumstances surrounding a transaction. Some deeds provide protections for the parties, such as warranty deeds that state that the buyer will not be responsible for any liens or encumbrances that affect the property. Quit claim deeds, on the other hand, will allow for a fast and simple transfer of property, but they will not provide protections for the buyer.

When it comes to real estate transactions, having the right legal help can make a big difference. At Gateville Law Firm, our real estate attorney can provide guidance on which type of deed would be most appropriate for your needs, and we can ensure that all parties involved in a transaction understand their rights and obligations. Our team can provide invaluable assistance for buyers, sellers, or people involved in property transfer agreements, ensuring that all paperwork is prepared and filed correctly and taking steps to complete transactions quickly and efficiently.

Types of Transactions That May Involve Quit Claim Deeds

Quit claim deeds are often the fastest and easiest way to transfer ownership of real property from one party to another. They allow the seller (also known as the grantor) to release their claim on the property. The buyer (also known as the grantee) will assume ownership once the deed is executed. However, only the seller's ownership interest will be affected by a quit claim deed. If there are any other claims against the property, such as beneficiaries of previous owners that have inheritance claims, the grantee may need to resolve these issues. Liens against the property, including property tax liens, mechanic's liens, or judgment liens, will remain in place, and the grantee may be responsible for paying to have these liens removed.

Because quit claim deeds come with risks that may affect a buyer, they are usually only used in a few specific situations. These may include:

• Transferring the title to property to a family member - There are a variety of situations in which a person may wish to give their home to a loved one, such as a child or grandchild. While a person may make arrangements for a family member to inherit property after their death, a loved one's immediate needs may require ownership to be transferred while the original owner is still alive. A quit claim deed will allow for ownership to be transferred easily. Since a quit claim deed will not affect the mortgage loan on a property, the original owner may still continue making mortgage payments, or they and the new owner may make arrangements to have the home refinanced.
• Dividing property during divorce - Ownership of the family home is often a key issue to be settled when a couple chooses to dissolve their marriage. If both spouses are on the home's title, but one spouse will assume full ownership of the home following the completion of the divorce, a quit claim deed may be used to remove the other spouse from the title. If the spouses had obtained a mortgage loan together, the spouse who will own the home will need to refinance the mortgage, and this will be done separately from the quit claim deed.
• Removing claims against a property - During a real estate transaction, a title search may uncover ownership claims, liens, or other encumbrances. In some cases, these claims may be outdated, or lienholders may agree to release their claims. In other cases, errors in legal forms may have resulted in previous claims existing when they should have been resolved. Many of these claims can be resolved through quit claim deeds, which will release a claim holder's interest in the property and ensure that the grantor can assume ownership without any issues.

Contact Our Kendall County Quit Claim Deed Attorney

Transactions involving quit claim deeds allow property to be transferred quickly, but they may not be appropriate in certain situations, and buyers or grantees will need to make sure they understand the potential risks. At Gateville Law Firm, we can help ensure that transactions involving quit claim deeds proceed smoothly for all parties. When you work with us, we will ensure that your rights are protected every step of the way. Contact our firm at 630-780-1034 to arrange a free consultation.