Compare Mortgage Quotes

megenhardtl · Joined: 16 Sep 2008 Posts: 1 1.31 Dollars($)

Does a quit clam deed have to be compiled by a lawyer in IL.?

Guest

Hi megenhardtl !

Welcome to MortgageFit Forums!

It is always better to get a quitclaim deed form drafted by a lawyer of the particular state in which you are residing. If you are staying in Illinois, get the form drafted by a lawyer of Illinois. However, a number of online sample forms are also available for particular states. You can even use them but make it a point to consult a lawyer and show the form to him/her.

Guest

Does the quit claim better fill the needs of the buyer or seller? Which is covered more by it?

Guest

Hi meg!

The contents of the quitclaim deed and the consent of the buyer and seller matter in this case. If you are quitclaiming a property and within the contents of the deed you have mentioned the clause of life estate, then you will be able to stay in that property till death. However, if you are living in a community property state and you are quitclaiming the property in your spouse's name, then you loose all the right to the property. In case of divorce or separation, if the spouse decides to sell the property, you will not be able to claim anything from the property.

Thus it is better to consult a lawyer and draft a quitclaim deed form.

Guest

if the seller is behind in the morgage do the buyer has to pay it all up front or could it be paid off in time. Question

jameshogg · Posted: Thu Jan 22, 2009 10:22 pm Post subject:

Hi Peggy b,

If the seller has not paid off the mortgage and buyer purchases it, then paying the mortgage dues becomes the liability of the buyer. If the mortgage has a due on sale clause, then the mortgage needs to be paid as soon as the property is sold off.

Thanks

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1