A warranty deed is a legal document that a property owner signs in certain circumstances when transferring their property to a new owner. Warranty deeds are commonly used when selling residential, single-family property.
Signing a warranty deed guarantees that the property being sold is legally yours to transfer, that it’s in the same condition as advertised, and that there are no undisclosed mortgages or liens tied to it.
If any problems come to light with the property after signing the warranty deed, the new owner will have the right to sue the previous owner for damages.
How Do Warranty Deeds in Illinois Work?
In short, warranty deeds in Illinois work as a safety net for people buying real estate. They are sometimes used as a replacement for title insurance to reduce risk in real estate transactions.
Your deed will contain the date of the transaction, the names of the people involved in the transfer, and a description of the property. Once the seller and buyer have had a chance to review the document, both parties will sign it, usually in the presence of a witness or notary.
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. This process can be tricky, which is why most people trust the drafting of documents to a real estate professional.
Warranty Deeds at Koch & Associates
If you’re buying or selling property in Illinois, it’s important to make sure you have all of the necessary paperwork to protect yourself in case of unforeseen issues. Koch & Associates are here to help. As the best real estate attorneys in Cicero, we understand what it takes to create a thorough, accurate, and legally-binding warranty deed.
Call us today at (708) 656-9900 to learn more about our real estate legal services.