YORKVILLE AND OSWEGO, KENDALL COUNTY REAL ESTATE AND QUIT CLAIM DEED LAWYERS
What is a Quit Claim Deed?
A Quit Claim Deed is a type of real estate deed used to convey real estate from one person to another or from yourself to a corporation or limited liability corporation. Often, people own a vacation or investment property in their personal names or jointly with another person. A Quit Claim Deed is the proper deed to transfer your real estate interests to your Revocable Living Trust, Corporation, and/or Limited Liability Corporation.
Kendall County: Oswego, Plano, Yorkville, and Kendall County Real Estate and Quit Claim Deed Law Firms and Attorneys
People wonder how I transfer my investment property into my Limited Liability Corporation or Corporation. Simply put, a Quit Claim Deed Attorney will review your Warranty Deed, which is the Deed to your property where another person transferred their interests to you or your spouse or partner. A Grantor(s) is a person or persons who own legal title to real estate. The Grantor(s) is/are the people that have the legal right to transfer legal title and ownership of a property to a Grantee(s). A Grantee(s) is/are the person or persons (or entity) that will be the new owners of the real estate.
There are several important financial and legal considerations to consider when transferring your property to an Limited Liability Corporation or other entity. The first legal consideration is that transferring your real estate interests to your Limited Liability Corporation or other entity will not change who is responsible for the mortgage. The mortgage company will still expect prompt monthly payments of their mortgage regarding of who owns the legal interest of the property.
The second consideration is the mortgage company does not like you transferring legal ownership of the property to your LLC or other entity. Generally, the mortgage company will ignore the fact that you transferred the property to an LLC or other entity. The mortgage company likely has a “acceleration clause” which means that the mortgage company has a right to accelerate the due date of your mortgage if you transfer the real estate out of your name (or the legal owners of the mortgage holders).
Practically speaking, people often transfer their real estate into their business or investment company’s name or their Revocable Living Trust’s name. Most mortgage or finance companies will not give you permission to perform this transaction but will blindly look away if your payments are prompt and timely. However, there are no guarantees of this, but many people do a quit claim deed without a problem.
Yorkville and Oswego Residential Real Estate Attorneys for Homebuyers in Kendall County
Sean Robertson and Gateville Law Firm provides cost-effective quit claim deed services to Kendall County residents including people that live around Yorkville, Oswego, Plano, Millbrook, Newark, Sugar Grove, Sandwich, Somonauk, and Lisbon among other areas near and in Kendall County. Sean Robertson resides in Yorkville, Kendall County with his family. Gateville Law Firm can transfer your quit claim deed in a timely fashion and often will have the quit claim deed drafted in less than 24 to 48 hours.
One of the benefits of transferring your real estate into an LLC is limited liability protection. Limited liability protection is critical for real estate owners because a porch slip and fall, or an accident can threaten your home ownership of all your real estate properties. Asset protection is Sean Robertson’s legal concentration.
Structuring real estate ownership and deeds in a manner that provides maximum protection at a cost-effective price is Sean Robertson’s specialty. Second, a quit claim deed enables a husband and wife to continue to hold ownership of real estate without the liability risks of both spouses having liability risks. Often, husband and wives own real estate in their joint names, which causes major problems when husband or wife have a creditor or liability risks that arises.
In conclusion, Gateville Law Firm are real estate attorneys with expertise in estate planning, asset protection, and quit claim deeds for real estate owners. Sean Robertson lives in Yorkville, Kendall County and services the legal needs of Kendall County residents. The best way to reach Sean Robertson is via online contact form, email, and/or 630-780-1034. Sean Robertson offers meeting locations (if necessary) in and around the Yorkville, Illinois (Kendall County) area.