When Do You Need Deed Drafting?

 Posted on December 15, 2023 in Real Estate

Transferring real estate requires properly documenting the exchange through quality deed drafting. However, with multiple deed types and complex transfer issues, confusion abounds around necessary occasions for professional legal help. An Illinois real estate lawyer can help you make the deed drafting process less complex.

Purchasing Property

Perhaps the most obvious need for legal deed drafting arises when purchasing a property. Sales contracts contain promises to convey land title from seller to buyer. Trained lawyers utilize precise legal terminology and required elements to transform sales contracts into enforceable warranty deeds. This legally conveys ownership rights to obtain clean title insurance policies. Any ambiguities or missing details during deed drafting could nullify the transfer or spark future claims against ownership. Simply using template deeds or listing services forms fails to adequately protect buyers’ interests in the land purchase.

Refinancing Mortgages

Refinancing with a new lender also justifies proper deed drafting. Your lawyer prepares a “mortgage deed” as collateral, allowing lenders to foreclose if you default on the loan. Mortgage deeds must meet strict legal sufficiency standards like warranty deeds for purchases. Using imprecise online forms could render lenders’ security interests in the real estate void. This bars you from favorable mortgage rates and terms, costing significantly more over the life of the loan.

Resolving Ownership Disputes

Sometimes, co-owners or heirs disagree over rightful ownership percentages after life changes like divorce, disability, or death. Attorneys can attempt to prove indispensable in helping resolve such disputes through customized deed creation or title redistribution. This allows parties to partition interests fairly while avoiding court battles over properties.

Updating Outdated Mineral Rights

Undertakings like developing land for residential or commercial uses require modernizing associated mineral rights. Where old rights still exist separately from surface ownership, proper drafting integrates these into current deeds. This simplifies ownership for future usage needs.

Transferring Property Before Death

Transferring full property interests before death requires attorneys’ deed drafting expertise. Rights transfers utilize customized quitclaim deeds rather than basic templates. These complex steps save heirs substantial legal headaches later trying to reassign ownership. Relying on unqualified non-lawyers for major real estate title exchanges jeopardizes legal validity down the road.

Contact a DuPage County, IL Real Estate Attorney

 Do not try and attempt any templates for deed drafts. A Cook County, IL real estate lawyer can help make sure you have all the proper documents so you will not have issues in the future. Call Whitacre & Stefanczuk LTD at 773-622-6100 for a free consultation.