Warranty Deed Vs Grant Deed In Chicago
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How Do I Get a Warranty Deed in Illinois? In most cases, property owners turn to a real estate attorney to complete a warranty deed in the state of Illinois. While warranty deeds can be created on your own, they must comply with legal requirements and include the necessary language to make them official.
The main difference between a grant deed vs. warranty deed is the level of protection offered. A warranty deed offers a higher level of protection than a grant deed. With a grant deed, the grantor is guaranteeing that they haven't sold the property to anyone else, and that it is clear of any liens or restrictions.
General warranty deeds: A general warranty deed provides the most protection to the buyer but gives the grantor the highest degree of liability. The grantor of a general warranty deed fully warrants good, clear title to the property.
How Do I Get a Warranty Deed in Illinois? In most cases, property owners turn to a real estate attorney to complete a warranty deed in the state of Illinois. While warranty deeds can be created on your own, they must comply with legal requirements and include the necessary language to make them official.
Laypersons may conduct real estate closings, but may not answer legal questions that arise at the closing, or offer any legal advice to the parties. However, preparation of deeds and mortgages constitutes the practice of law and must be prepared by an attorney.
General Warranty Deed It also assures the seller does not know of any property issues that may arise. A mortgage company typically prepares the general warranty deed. As a home buyer, it's critical to review your local laws to know what a seller should disclose to you during the home buying process.
You can obtain a warranty deed through your real estate agent's office or download an online template. All warranty deeds must include the date of the transaction, the name of the parties involved, a legal description of the property being transferred, a list of title defects and the signatures of the buyers.
The most common deed form in Illinois is the warranty deed. Warranty deeds provide a form of protection to the buyer as a warranty by the seller that guarantees no issues with the title. All other deed forms, such as limited warranty deeds and quitclaim deeds, are available and insurable in Illinois.
