Tell Me If I Am Right Or Need To Add More Documents
In doing a sub2 I will need.
Quitclaim deed
limited power of attorney (or just power of attorney)
Signed deed
purchase agreement(the sub2 purchase agreement in the freebie section sounds more like a five year purchase option)
Did I get it right or am I missing something?
Heyshid:
Here's a list of forms I'm using in IL for sub2. You can get these forms in a bunch of places (I got mine from internet, county web sites and John Locke's manual), but I STRONGLY recommend you get a RE attorney to make sure they're legal in IL before using them.
- Purchase and Sale Agreement
- Affidavit (seller swears they deeded the property to you--a CYA document in addition to the deed)
- Authorization for Insurance (like an POA to work with sellers ins. co.)
- Authorization for Mortgage Info (in case you need it to deal with mtg co.)
- IL Limited Power of Attorney
- WARRANTY deed (Quitclaim deed is the weakest deed--it simply says the seller is turning over ANY interest he has in the property--which might be NONE! Warranty deed represents that the title is clear and warrantable).
- IL PTAX203 Form--needed when recording your deed to pay the RE transfer taxes due--from the IL Revenue Dept. website
- IL Seller Disclosure Form (I usually fill this out for my seller and have them sign it and I fill one out when I'm selling)
- EPA Lead Paint warning/disclosure pamphlet (1978 and earlier houses).
Andy
Where do I get the lead Paint disclosure form and the Seller Disclosure Form?
Ok im going to buy a Warranty Deed of of the Illinois legal contracts website, Which one should I buy?
Warranty Deed - Corporate Grantor
Warranty Deed - Husband and Wife as Grantors
Warranty Deed - Husband as Grantor
Warranty Deed - Individual as Grantor
Warranty Deed - Two Individuals as Grantors
Quitclaim Deed - Corporate Grantor
Quitclaim Deed - Husband and Wife as Grantors
Quitclaim Deed - Husband as Grantor
Quitclaim Deed - Individual as Grantor
Quitclaim Deed - Two Individuals as Grantors
Warranty and Quitclaim Deeds to a Trust - Any type Grantor