CONVEYANCE OF TITLE Residential Real Estate Transactions from Listing Through Closing Heather M. Fritsch and John G. O'Brien

Transcription

1 I. THE DEED CONVEYANCE OF TITLE Residential Real Estate Transactions from Listing Through Closing Heather M. Fritsch and John G. O'Brien A. Basic Components of a Deed B. Different Types of Deeds 1. Warranty Deed a. General Wananty Deed (Attachment 1) guarantees that Seller has good legal title typically used in residential transactions as most lenders will require b. Special Wananty Deed guarantees that Seller had no title problems during his ownership period only used in foreclosures, some commercial transactions c. "No Warranty Deed" (aka Quit Claim Deed) (Attachment 2) no guarantee at all no warranties that Seller even owns the property or has any right to sell it used in divorce proceedings 2. Trustee's Deed (Attachment 3) if the prope1ty is held in trust, title should be transfened through a Trustee's Deed make sure Trustee (or Successor Trustee) signs as trustee, not individually 3. Executor's Deed (Attachment 4) if Seller is an Estate, title will need to be transferred through an Executor's Deed make sure Executor signs as Executor and not individually Page 1

2 II. WAYS TO HOLD TITLE A. Tenancy By The Entirety Black's Law Dictionary: a tenancy which is created between a husband and wife and by which together they hold title to the whole with right of survivorship so that, upon the death of either, the other takes the whole to exclusion of the deceased's heirs reserved for spouses for their primary residence only includes a right of survivorship Advantage: each spouse owns the entire property which means it is wholly protected from one spouse's debts Disadvantage: none B. Tenancy In Common each individual owns an undivided equal interest in the property does not include a right of survivorship Advantage: through estate planning, each owner can leave his interest to whoever he wants Disadvantages: (1) no debt protection as with tenancy by the entirety (2) if one owner passes away, the survivor could be stuck with co-owners he doesn't want C. Joint Tenancy two or more individuals own an undivided interest in the whole property includes a right of survivorship Advantage: right of survivorship avoids co-owning with unwanted individuals upon death of one owner Disadvantage: each owner must own an equal share in the property D. In A Trust 1. Living Trust: If the Buyer has estate planning that includes a living trust, he will likely want to purchase said property as the trustee of said trust to insure that he receives the maximum benefit from his estate planning. 2. Land Trust: If the Buyer has set up a land trust, he will likely want the property held in the land trust. Page 2

3 WARRANTY DEED (Individual to Individual) Prepared By: Attorney Heather M. Fritsch The Law Office of Heather M. Fritsch 204 South Main Street, Suite 2 Sycamore, IL Return To: Attorney Timothy T. James Timothy T. James Law Oftice 455 Main Street Sycamore, IL Taxes To/Grantee's Address: John F. and Mary P. Jordan 999 Adam Drive Sycamore, IL *The Above Space for Recorder's Use Only* THIS INDENTURE made this h day of March, 2013, between Adam C. Smith, a divorced man, of the City of Sycamore in the County of DeKalb and State of Illinois, party of the first part, and.john F. Jordan and Mary P. Jordan, husband and wife, of the City of Sycamore in the County of DeKalb and State of Illinois, patties of the second part; WITNESSETH that the patty of the first part, for and in consideration of the sum often and no/100 ($10.00) Dollars and other good and valuable consideration, in hand paid, convey and warrant to the said parties of the second part, not as tenants in common, and not as joint tenants, but as tenants by the entirety, the following described real estate to-wit: LOT 10 AND THE SOUTH 5 FEET OF LOT 9 IN SILVER PLACE SUBDIVISION, A SUBDIVISION OF PART OF THE NORTHEAST FRACTIONAL QUARTER OF SECTION 4, TOWNSHIP 1 NORTH, RANGE 4 EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED IN BOOK "N" OF PLATS, PAGE 30, ON OCTOBER 5, 1979, AS DOCUMENT NO AND CONSENT AND RATIFICATION RECORDED OCTOBER 17, 1979 AS DOCUMENT NO , IN DEKALB COUNTY, ILLINOIS. Permanent Index Number: Commonly known as: 999 Adam Drive, Sycamore, Illinois Attachment 1

4 Subject to the following: 1. General taxes for the year 2012 and subsequent years; 2. Covenants, easements, conditions and restrictions of record situated in the State of lllinois, hereby releasing and waiving all rights under and by virtue of the Homestead Exemption Laws of the State of Illinois. TO HAVE AND TO HOLD, the above granted premises unto the said parties of the second part forever. IN WITNESS WHEREOF, the said party of the first part has hereunto set his hand and seal the day and year first above written. ADAM C. SMITH STATE OF ILLINOIS ) )SS. COUNTY OF DEKALB ) ACKNOWLEDGMENT I, the undersigned, a Notary Public in and for said County and state aforesaid, DO HEREBY CERTIFY, that ADAM C. SMITH, personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he signed, sealed and delivered the said instrument as his free and voluntary act, for the uses and purposes therein set fotth, including the release and waiver of the right of homestead. Given under my hand and notarial seal this day of March, Notary Public -2-

5 QUIT CLAIM DEED (Individual to Individual) Prepared By/Return To: Attorney Heather M. Fritsch The Law Office of Heather M. Fritsch 204 S. Main Street, Suite 2 Sycamore, IL Taxes To: Grantee's Address: Jane P. Smith 1234 Main Street DeKalb, IL *The Above Space for Recorder's Use Only* THE GRANTOR, John G. Smith, a divorced man whose wife was Jane P. Smith, of the City of DeKalb in the County of DeKalb and State of Illinois, for and in consideration of the sum of Ten and noll 00 ($1 0.00) Dollars and other good and valuable consideration, in hand paid, CONVEY AND QUIT CLAIM to Jane P. Smith, a divorced woman whose husband was John G. Smith, ofthe City ofdekalb in the County ofdekalb and State of Illinois, all interest in the following described real estate situated in the County of DeKalb, in the State of Illinois: LOT 22 IN EDEN'S GARDEN, PHASE 2 AND 3, A PLANNED UNIT DEVELOPMENT IN PART OF THE WEST 1/2 OF THE SOUTHEAST 114 OF SECTION 9, TOWNSHIP 40 NORTH, RANGE 4, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN THE CITY OF DEKALB, ACCORDING TO THE PLAT THEREOF RECORDED NOVEMBER 16, 1999, IN BOOK "Z" OF PLATS, PAGE 491, AS DOCUMENT NO , AND A CERTIFICATE OF CORRECTION RECORDED JUNE 13, 2001 AS DOCUMENT NO , IN DEKALB COUNTY, ILLINOIS. Permanent Index Number: Commonly known as: 1234 Main Street, DeKalb, Illinois Subject to the following: 1. General taxes for the year 2011 and subsequent years; 2. Covenants, easements, conditions, and restrictions of record situated in the State oftllinois, hereby releasing and waiving all rights under and by virtue of the Homestead Exemption Laws of the State oflllinois. -1- Attachment 2

6 TO HAVE AND TO HOLD, the above granted premises unto the said parties of the second part forever. IN WITNESS WHEREOF, the said patties of the first patt have hereunto set their hand and seal this day of, JOHN G. SMITH STATE OF ILLINOIS ) ss COUNTY OF DEKALB ) ACKNOWLEDGMENT I, the undersigned, a Notary Public in and tor said County and State aforesaid, DO HEREBY CERTIFY, that JOHN G. SMITH, personally known to me to be the same person whose name is subscribed to the foregoing i11strument, appeared before me this day in person and acknowledged that he signed, sealed, and delivered the said instrument as his free and voluntary act, for the uses and purposes therein set forth, including the release and waiver of the right of homestead. Given under my hand and notarial seal this day of, Notary Public Exempt under the provision of Paragraph E, Section 4, Real Estate Transfer Act. Dated: -2-

7 TRUSTEE'S DEED Prepared By: Attorney Heather M. Fritsch The Law Office of Heather M. Fritsch 204 South Main Street, Suite 2 Sycamore, IL Return To: Attorney Timothy T. James Timothy T. James Law Office 4 55 Main Street Sycamore, IL Taxes To/Grantee's Address: Todd C. and Susan M. Nice 1711 Clark A venue St. Charles, IL *The Above Space for Recorder's Use Only* THIS INDENTURE made this 3rd day of March, 2013, between Sara P. Smith, as Trustee of the Sara P. Smith Declaration of Living Trust dated November 11, 1992, of the City of St. Charles in the County of Kane and State of Illinois, party of the first part, and Todd C. Nice and Susan M. Nice, husband and wife, of the City of St. Charles in the County of Kane and State of Illinois, parties of the second part; WITNESSETH that the party of the first pati, for and in consideration of the sum often and no/100 ($10.00) Dollars and other good and valuable consideration, in hand paid, convey and warrant to the said patiies of the second part, not as tenants in common, and not as joint tenants, but as tenants by the entirety, the following described real estate to-wit: LOT 80 OF UNIT NO.3, CAMBRIDGE EAST, ST. CHARLES, KANE COUNTY, ILLINOIS IN THE CITY OF ST. CHARLES, KANE COUNTY, ILLINOIS. Permanent Index Number: Cotmnonly known as: Clark A venue, St. Charles, Illinois Attachment 3

8 Subject to the following: 1. General taxes for the year 2012 and subsequent years; 2. Covenants, easements, conditions and restrictions of record situated in the State of Illinois, hereby releasing and waiving all rights under and by virtue of the Homestead Exemption Laws of the State of lllinois. TO HAVE AND TO HOLD, the above granted premises unto the said pa1ties ofthe second part forever. JN WITNESS WHEREOF, the said party of the tirst part has hereunto set her hand and seal the day and year first above written. SARA P. SMITH, Trustee of the Sara P. Smith Declaration of Living Trust dated November 11, 1992 STATE OF ILLINOIS ) )SS. COUNTY OF DEKALB ) ACKNOWLEDGMENT I, the undersigned, a Notaty Public in and for said County and state aforesaid, DO HEREBY CERTIFY, that Sara P. Smith, Trustee of the Sara P. Smith Declaration of Living Trust dated November 11, 1992, personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that she signed, sealed and delivered the said instrument as her fi ee and voluntary act, for the uses and purposes therein set forth, including the release and waiver of the right of homestead. Given under my hand and notarial seal this day of, Notary Public (SEAL) -2-

9 EXECUTOR'S DEED Prepared By: Attorney Heather M. Fritsch The Law Office of Heather M. Fritsch 204 South Main Street, Suite 2 Sycamore, IL Return To: Attorney Timothy T. James Timothy T. James Law Office 455 Main Street Sycamore, IL Taxes To/Grantee's Address: Samantha P. Quitm h Street, St. Charles, IL *The Above Space for Recorder's Use Only* THIS INDENTURE made tllis 24th day of January, 2013, between DOLORES P. LANE, as Executor of the Estate of Debbie C. Michaels, Deceased, by virtue of Letters Testamentary issued to her by the Circuit Court of DeKalb, State of Illinois, and in exercise of the powers granted to her in and by said Last Will and Testament of Debbie C. Michaels and in pursuance of every other power and authority them enabling, party of the first part, and SAMANTHA P. QUINN, a single person, ofthe City of St. Charles in the County of Kane in the State oflllinois, party of the second pmt; WITNESSETH that the party of the first part, for and in consideration of the sum often and no/100 ($10.00) Dollars and other good and valuable consideration, in hand paid, CONVEYS AND WARRANTS to the said party of the second part, the following described real estate to-wit: LOT 1 IN SYCAMORE CREEK-UNIT ONE, A SUBDIVISION OF PART OF THE SOUTHEAST QUARTER OF SECTION 21 AND THE SOUTHWEST QUARTER OF SECTION 22, TOWNSHIP 41 NORTH, RANGE 5, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED ON JULY I 8, 2005, AS DOCUMENT No , IN MILAN TOWNSHIP, DEKALB COUNTY, ILLINOIS. Permanent Index Number: Commonly known as: 150 University Road, Malta, Illinois Attachment 4

10 Subject to the following: 1. General taxes for the year 2012 and subsequent years; 2. Covenants, easements, conditions and restrictions of record situated in the State of Illinois, hereby releasing and waiving all rights under and by virtue of the Homestead Exemption Laws of the State of Illinois. TO HAVE AND TO HOLD, the above granted premises unto the said parties of the second part forever. IN WITNESS WHEREOF, the said party of the first part has hereunto set her hand and seal the day and year tirst above written. DOLORES P. LANE, Executor of the Estate of Debbie C. Michaels, Deceased STATE OF ILLINOIS ) )SS. COUNTY OF DEKALB ) ACKNOWLEDGMENT I, the undersigned, a Notary Public in and for said County and state aforesaid, DO HEREBY CERTIFY, that Dolores P. Lane, Executor of the Estate of Debbie C. Michaels, Deceased, personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that she signed, sealed and delivered the said instrument as her fi ee and voluntary act, for the uses and purposes therein set forth, including the release and waiver of the right of homestead. Given under my hand and notariai seal this 24 1 h day of January, A.D Notary Public -2-