Title Transfer and Record (Ch. 9)

Question 1

Transfer Tax Stamp

Answer 1

Review on Youtube

Question 2

Unrecorded Documents

Answer 2

Real Estate taxes and special assessments are liens on specific parcels of Real Estate and usually are not recorded @ the time they become effective (Jan. 9th each year for Illinois Real Estate Taxes)

Question 3

Adverse Possession

Answer 3

Referred to as squatters rights. The period of uninterrupted possession required to claim title by adverse possession is 20 yrs

Question 4

Constructive Notice

Answer 4

Obtained by an individual through due diligence-consulting the Public documents. *Property recording documents

Question 5

Transfer Tax Stamp

Answer 5

$0.25 per $500

Question 6

Granting Clause/ conveyance restrictions

Answer 6

Transferring property from one owner to another

Question 7

Quitclaim Deed

Answer 7

Conveys only whatever interest the grantor may have when the deed is delivered. If the grantor has no interest, the grantee will acquire nothing

Question 8

Recording Process

Answer 8

Is the Act of placing document in the public records. Must be recorded in the county where the land is located

Question 9

Requirements for Valid Deed

Answer 9

Grantor name typed or printed below he/she signature
Completed Real Estate Declaration
Proof of payment of state, county

Question 10

General Warranty Deed

Answer 10

Provides the greatest Protection of any deed

Question 11

Special Warranty Deed

Answer 11

Warranty that the grantor received the title
Warranty that the property was not encumbered during the time the grantor held title, except as otherwise noted in the deed