Legal Question in Real Estate Law in Illinois
As a seller do I have to sign General Warranty of Deed before the completion of the transaction of payoff of the mortgage on the property by the buyer?
2 Answers from Attorneys
You have not provided enough details about the situation to allow for a response. That aside, you really should hire an attorney for this kind of transaction.
Your question is not very clear, but if you are selling the property your attorney would generally prepare the deed and other closing documents which would be brought to closing at the title insurance company. The title insurance company would act as the agent to receive everything from both seller and buyer (documents, funds). Upon everything being in place, the title company would disburse funds (make payoff, pay transfer tax, pay real estate agents, if any, and other closing fees) and process documents (record deed, new mortgage, etc.). In other words, everything kind of comes together in one place before the deal can close. Many Chicagoland attorneys handle transactions in multiple counties.