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Gurnee Real Estate AttorneyDuring a residential real estate transaction or another situation where ownership of a home is transferred from one party to another, the parties will use a deed to complete the transfer. A deed is a legal document in which a grantor who owns or has a claim to the property will transfer their ownership interests to a grantee. There are multiple types of deeds that may be used, and in some cases, a grantor may be looking for a simple release of their ownership claim. In these situations, a quit claim deed may be used, but when doing so, the parties should be sure to understand how this type of deed will affect their rights and obligations.

Situations Where a Quit Claim Deed May Be Used

Typically, ownership of real estate is transferred using a warranty deed, which will provide the grantee with protections and ensure that they are not liable for liens on the property or other encumbrances. A quit claim deed will not provide a grantee with these types of protections. Instead, it simply releases the grantor’s claim on the property. It will not affect the mortgage on the property, and a grantor may still be liable for paying off the amount due on the home loan. 

Since quit claim deeds allow for the simple transfer of property without any warranties, they are usually only used in a few specific situations, including:

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Grayslake Real Estate AttorneyThe process of buying or selling a home can be complicated at the best of times, but since the onset of the COVID-19 pandemic, people involved in these types of transactions have encountered additional challenges. In some cases, people may be concerned about safety issues related to the possible spread of infections. At the same time, many people have become used to working from home or holding virtual meetings, and they may find it easier to handle business using online tools rather than meeting in person. Homebuyers and sellers will want to understand the options that may be available to them during a home closing, including whether these matters can be completed virtually or whether documents can be signed electronically.

Options for eClosings

Traditionally, a home closing has involved a lengthy meeting in which the parties sign multiple documents that transfer ownership of the property and establish a homeowner’s financial obligations to their mortgage lender. Due to concerns about COVID-19, many realtors, attorneys, lenders, and other involved parties have taken steps to limit contact during closings, sign documents electronically, and handle these meetings virtually when possible. While concerns about infections may be reduced for those who have been vaccinated, some of the options for virtual closings may still be preferable, since they may allow a closing to be completed more quickly, easily, and efficiently.

A virtual closing or eClosing may involve any methods of signing or filing documents electronically, and these closings may consist of:

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libertyville real estate lawyerMany families have been affected by the COVID-19 pandemic, and those who have experienced financial difficulties may have struggled to pay ongoing expenses, including rent. To help protect families from losing their homes and being put at risk of infections, the federal government placed a moratorium on evictions, and multiple state governments did the same. A recent Supreme Court decision ended the federal eviction moratorium, but Illinois’ moratorium is still in effect, and Governor J.B. Pritzker has stated that it will be extended through October 3, 2021. Landlords with tenants who have been unable to pay rent will need to understand their options, including determining whether they may be able to perform evictions or use lease modifications.

Availability of Emergency Rental Assistance

Tenants who have struggled to pay rent and landlords facing financial difficulties due to the inability to collect rent payments may qualify for emergency rental assistance (ERA) provided by state and local programs, including the Illinois Rental Payment Program. The Biden administration and the Treasury Department have implemented new rules meant to ensure that people who qualify for ERA can receive relief quickly. These include:

  • A household can use self-attestation to document eligibility for ERA, including providing information about the income earned by family members, the reasons a family has experienced financial hardship, and whether they face the risk of homelessness or housing instability.

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Lake County Real Estate AttorneySelling or purchasing a home can be a stressful and exciting time. There are several tasks you must remember and several documents you must sign in order to ensure that everything goes smoothly. This is why it is important to make sure that you properly execute the right documents. One such document you must have is the deed. The deed transfers the title of the property to or from you. There are four commonly seen deed categories: Quit Claim, Warranty, Special Warranty, and In Trust Deeds. When buying or selling real estate, it is important to understand the differences in each type of deed. Here is what you should know.

Quit Claim Deeds

A Quit Claim Deed does as it sounds: it renounces one’s interest in a piece of property. The individual who acquires the property through a Quit Claim Deed does not promise that the property will be free of third-party interests, such as liens. A Quit Claim Deed also fails to provide any warranties as to the property or nuisances within the property. Put simply, with a Quit Claim Deed clear title of the property is not promised.

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lake county residental real estate lawyerDuring a residential real estate transaction, all encumbrances on the title of the property will need to be resolved before the transaction can be completed. These encumbrances may include liens by creditors seeking repayment from the homeowner, such as mechanic’s liens. Those planning to sell their home will need to determine how to address any mechanic’s liens and resolve these issues to ensure that they can complete the sale successfully.

What Is a Mechanic’s Lien?

A mechanic’s lien allows a contractor or supplier who performed repairs or made improvements to a home to collect payment for any unpaid work. While homeowners will usually be able to resolve any payment issues with a general contractor, subcontractors or suppliers who were not paid by the primary contractor may also use mechanic’s liens to collect the payments they are owed. 

Requirements for Mechanic’s Liens in Illinois

Illinois law requires subcontractors or suppliers contributing to work on a single-family home to provide a preliminary notice to the homeowner within 60 days after work on the property has begun. This notice is necessary to establish the right to pursue a mechanic’s lien if payment is not received. A Notice of Intent to Lien must also be filed within 90 days after labor was last performed by a subcontractor or materials were furnished by a supplier. 

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