Effective January 21, 2019, prior to recording, all Cook County property conveyance instruments must be accompanied by an electronically-completed Cook County Real Estate Transfer Tax Declaration, aka, a “MyDec,” which can be completed via the Illinois Department of Revenue’s MyDec Transfer Tax Portal – https://mytax.illinois.gov/mydec The requirement to use MyDec is already in effect for all property transfers in the City of Chicago, and is being extended to all property in Cook County, including “exempt” and “non-exempt” transfers. This requirement does not alter any local municipal requirements for transferring property, and must be fulfilled, even if the instrument is accompanied by a Grantor/Grantee Affidavit.
Continue reading “MyDec to be Required for All Cook County Illinois Real Estate Conveyances”A Reunified Estate: Bringing the Mineral and Surface Rights Back Together for Real Property
When purchasing real estate, it is common for surface rights to convey to the buyer. But there are also subsurface rights, such as gas, oil, and mineral rights, that do not always transfer. For any buyer in a real estate transaction, it is important to be aware of exactly what they are receiving. If they expect to have mineral rights, for example, it should not be just assumed that those will convey when the deed is transferred into their name. In a lot of cases, subsurface rights belong to the seller and will stay with the seller, or they belong to a person or corporate entity that they were sold to a long time ago, and not the current seller of the property.
Continue reading “A Reunified Estate: Bringing the Mineral and Surface Rights Back Together for Real Property”What is a Quit Claim Deed?
There are various ways to transfer a real estate title, and among the simplest is a quit claim deed. The person is literally quitting their claim to the property. Just because it’s the simplest method does not mean it’s the best, however, especially if you are the recipient of the property. That’s because the quit claim deed does not guarantee that the grantor – the person transferring the property – actually owns the real estate in question. The grantee, or person receiving the property, not only could end up with a worthless deed, but cannot sue the grantor if it turns out that individual did not own the property or owned only a percentage of the land or buildings. However, if fraud is involved, it is possible to sue the grantor on those grounds. That does not mean you should always avoid quit claim deeds, but it does mean you should do your research.
Continue reading “What is a Quit Claim Deed?”Probate Creditors’ Rights Under Texas Law
Paying off the decedent’s debts is one of the primary duties of an estate’s executor or administrator. Failing to do this can lead to personal liability on the executor or administrator’s part. The estate’s creditors have rights under Texas probate law, but all are time-sensitive. If estate assets are limited, whether the creditor receives reimbursement depends on the nature of the debt.
Continue reading “Probate Creditors’ Rights Under Texas Law”California Mechanic’s Lien Process
Most real estate owners will, at some point, use a contractor to build or improve upon their property. This is generally a straightforward process wherein the contractor arranges the project according to the terms of the contract, and sees it to completion. The satisfied owner then pays the bill. What happens when the contractor finishes the project, but the customer refuses to pay? That’s where the mechanic’s liens apply.
