Property Transfer Archives - Page 2 of 2

October 5, 2015May 14, 2024

What is a Special Warranty Deed?

If you’re like most people planning to make a real estate purchase, you want to know that the property you’re purchasing is actually owned by the seller, that it’s in reasonably good shape, and that the title is free of defects. Real estate transactions aren’t always as seamless or clean as buyers might like, though. A special warranty deed—sometimes referred to as a limited warranty deed—warrants only against defects during the seller’s time as property owner. It will not protect against title issues that arose prior to the time the seller took occupancy. Consequently, it offers less protection to buyers, and more protection to sellers, than a general warranty deed, which is the most common option for selling or buying a property.

May 13, 2014April 25, 2024

Quitclaim Deeds after Divorce or Dissolution: Navigating the Property Transfer

Quitclaim deeds serve as a versatile tool in real estate transactions, transferring a current owner’s interest, if any, to a new owner. Such transfers might or might not involve consideration—often monetary value. These deeds are particularly useful for clarifying ambiguous titles, resolving boundary disputes, or gifting property, yet they do not guarantee the title’s validity to the recipient.

In the context of a divorce or dissolution, quitclaim deeds take on a specialized role. Property division in these instances is typically overseen by a judge, who may order one party to relinquish their rights in jointly-owned real estate to their former partner. When quitclaim deeds are used in divorce proceedings, they often necessitate extra details. Many jurisdictions, for example, require an explicit reference to the divorce within the document, including the docket or civil action number, along with the recording specifics of the related legal judgment.

March 12, 2014April 25, 2024

Quitclaim Deeds and Continuation of Title Insurance

Provided by Matthew A. Quick, Esq., an attorney licensed in the state of Illinois.

Title insurance coverage is dictated by the terms of the policy issued by the title insurance company. In most, if not all, policies for title insurance there is a provision for “Continuation of Coverage” or “Continuation of Insurance.” Typically, this provision provides that the insurance will continue only so long as the insured holds an interest in the land or has liability by reason of warranties given in any transfer of the title.