Closing Property Title With Deed In Chicago
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FAQ
The deed is the most important document because it transfers the property to the purchaser.
The title to a house is a legal concept that establishes your ownership of the property and gives you certain rights to it. The deed is a legal document that transfers ownership of a property from a seller to a buyer.
After the offer is accepted, it will take 30 – 45 days to close on a house. Although factors like home inspection, repair negotiations, financing timeline, etc can affect this precise timeline.
The transfer is completed by recording the deed in the appropriate county recorder's office. This creates a public record, showing that the title has passed. Recording is essential because failure to do so can result in later property ownership disputes.
Also, in IL, attorneys are title agents. They receive some of their compensation from the title company. The seller's attorney picks the title company and this is where the closing is held. The seller buys their title insurance from this company.
Transfer the Title: Execute a deed, transferring ownership from the seller to the buyer. This document must be signed and notarized. Record the Deed: Submit the signed deed to the county recorder's office to create an official public record of the ownership change.
Due to the complex nature of these documents, the preparation of a deed is considered the practice of law in Illinois. This prevents non-attorneys from preparing deeds on behalf of anyone other than themselves and protects the parties involved.
