Should I accept a Quit Claim Deed if I am buying a house?

Should I accept a Quit Claim Deed if I am buying a house?

A quit claim deed is a document wherein the grantor transfers whatever interest he has in real property, like a house. The person giving the property is referred to as the grantor and the person receiving the property is the grantee. To be valid, a quit claim deed should include a legal description, county name and address of where property is located, consideration (people usually don’t put the actually selling price), signature of a notary public, and the grantor’s signature. The most important thing to know about a quit claim deed is that it doesn’t make any warranties or promises about the title to the property. All the document does is convey the seller’s interest in the property to the buyer subject to any liens of record. This is the complete opposite of a warranty deed wherein the grantor transfers title to the property with a guarantee of clear title. So, if you are buying a piece of property from someone other than a family member (and maybe even then) a warranty deed should be obtained from the seller so that you have a guarantee that the property has clear title and is free of...

What is a living will?

A living will is a document that outlines your wishes for your medical treatment should you become unable to express decisions for your medical care. In Illinois, we use a document called Power of Attorney for Healthcare for you to indicate your intensions regarding your healthcare decisions should you be unable to communicate them. In the document you have the ability to name one or multiple “health care agents” who will have the power to make healthcare decisions for you if you are unable to or do not want an make them yourself. Not only is it important for you to have a living will, but the document must also be signed properly based on current Illinois legal requirements. It is also imperative that your healthcare agent knows where the document is in the event he or she needs to produce it. It can only benefit you and your family.   Some questions that need to be answered when filling out a living will: What is most important to you in your life? How important it is to you to avoid pain and suffering? Would you rather be home or in a hospital for the last days of your life?   If you have any questions regarding a living will please contact...
What is Probate?

What is Probate?

When a person dies their estate (or assets) must go through a process known as probate, which is overseen by a probate court. Once the appropriate paperwork has been filed to open the estate, the probate judge confirms whether the will is valid. Then a representative of the estate known as the executor must go into probate court to validate the will and formally confirm the appointment of executor. Once this has been accomplished, the probate court will issue letters of office to the executor, enabling him or her to communicate with the deceased party’s lending institutions and creditors. At this point, the executor must collect assets, liquidate real property, and pay all required bills.   The entire process can take anywhere from six months to over two years. The estate of a person who dies without a will must also be filed with a probate court in order to distribute that person’s property, although the property will be distributed according to the Illinois laws of descent and distribution rather than how the decedent may have intended. Some people might try to tackle this process alone, however, it is not an easy process and often times I am contacted once someone has attempted to handle it on their own and realize they are in over their head.   I have been handling probate cases for over ten years in Kane County. If you want to make the process easier on yourself, the sooner we can work together the smother the process will...