Crest Hill Quit Claim Deed Lawyer: Reasons for a Quit Claim Deed

 Posted on March 23, 2023 in Real Estate Transactions

In Illinois, a quitclaim deed is a legal document that transfers real estate ownership from one party to another. Moving a property interest in a former marital residence is a significant reason for a quit claim deed. Often, the divorce decree requires one party to transfer their former marital interest in real property to their former spouse. In addition, the marriage settlement agreement may need one spouse to transfer away their legal claim to the other spouse. Often, a former spouse cannot obtain a new mortgage with their name connected to a former residence's mortgage and legal title.

Second, at Gateville Law Firm, our attorneys and support staff specialize in real estate and quit claim deed law. Unlike most real estate lawyers, our team comprises former title insurance employees and attorneys concentrating on real estate and estate planning law. Second, transferring property ownership often involves family members as well. For example, a quit claim deed frequently transfers property ownership among family members. Alternatively, a quit claim deed is used when one party deceases, and the property passes from one joint owner to the surviving owner. Often, the parties want to clean up the property's legal title in such situations.

Removing someone from real property is a complicated process. Furthermore, most real estate attorneys must be qualified to prepare a quit claim deed adequately. As a real estate attorney, we would only be in the business of preparation of quit claim deeds with a solid staff of former title insurance employees. The title insurance former employees are critical because they have significantly more experience handling real estate and quit claim deed transactions than real estate attorneys. In addition, our former employees held leadership positions at credible title companies underwritten by national title insurance companies.

Ill-advised preparation of quit claim deeds causes title issues. Or, you may need a quit claim deed to modify existing title issues due to a past mistake. An adequately prepared quit claim deed can transfer title ownership outside a probate court. On the other hand, an ill-properly prepared deed can end up in probate court, which causes family strife and results in significant attorney's fees and costs. Adding a new spouse or family member to the title is another legitimate reason for a quit claim deed.

Unlike a warranty deed, a quit claim deed does not guarantee that a property is clear of liens and encumbrances. A quit claim deed only transfers the ownership interest of an owner of real property that they own. In contrast to a warranty deed, a quit claim deed transfers the exact property interest the grantor holds. Drafting a quit claim deed often results in costly mistakes, which create additional legal issues (which cost thousands of dollars to correct (if possible)).

Reasons for a Quit Claim Deed in Will County, Illinois

Here are the following reasons for a quit claim deed:

• Removing an ex-spouse from the legal title of a former marital residence

• Adding a family member, entity, and another party onto property ownership of a property

• Transferring a property into a living trust, corporation, or limited liability company

• Refinancing a family member of legal title

Joliet Quit Claim Deed Lawyer: Cost-Effectively Transferring Legal Title From One Party to Another Party

A quit claim deed requires precision, clarity, and being adequately prepared. Gateville Law Firm comprises real estate attorneys and former title insurance employees highly qualified to assist with quit claim deeds. Unlike most real estate lawyers, we have prepared thousands of quit claim deeds over the last several years.

Unlike real estate lawyers, this experience gives us a breadth of experience and qualifications. Unfortunately, title problems are created by ill-prepared quit claim deeds, which make challenges for current owners and future family member owners. These challenges are costly and create obstacles to transferring property ownership wealth from generation to generation. Call Gateville Law Firm at 630-780-1034 or contact us through our online form.