Illinois residents who are getting ready to sell their homes have a lot on their minds and a lot on their plates. Making it through a residential real estate transaction as a seller is not easy or stress-free. Several issues can hold up a sale or cause one to face legal claims after a sale. Deed issues, for example, can cause significant problems.
Before going into the potential problems that may arise with property deeds, let’s cover the basics. The purpose of a property deed is to transfer ownership of a piece of real estate from one person to another. There are several types of deeds available, which are:
- General warranty
- Special warranty
- Special purpose
One’s legal counsel can explain the details of each of these deed types. For any deed to be considered legally valid, its content must meet specific standards. The essential elements of a deed include that it has to be in writing, the property description must be accurate, the proper legal language must be used, and the deed is delivered and accepted by the grantee — among a few other things.
If any of the elements required to make a deed legally operative fail to exist in one’s case or the wrong type of deed is used, a seller may face costly consequences. This can be avoided, though, by having legal counsel assist with deed creation or, at minimum, review a deed before it is signed, sealed and delivered. A real estate transaction is stressful enough, deed issues do not need to add to a seller’s stress and can be avoided if one seeks the assistance of an experienced Illinois-based real estate attorney.