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Welcome to the Benchmark Title Company's Title
Tip of the Week Newsletter. This week we review marital issues and
homestead rights in property ownership and the effect of legal
separation and divorce.
Marital Interests in Property
Transfers
by Sarah Holdener, Esq.
Many
real estate transactions are triggered by a change in marital
status. People who get married are often buying a new
residence and selling existing ones. A divorce can also
trigger the sale and/or purchase of real property. There it is
important to understand the law in this area:
- As a married person you may
purchase property individually by paying cash, however if you are
taking out a loan or selling the property your spouse must enter
into the transaction.
- In
the case of a purchase of residential property the spouse not
going into title will be required to sign a waiver disclaiming any
homestead interest in the property for the protection of the
mortgage lender.
- When selling a home that was owned by only one
spouse the non-title holding spouse will still be required to sign
the deed to transfer their homestead rights to the
property.
- Homestead in Illinois is both and estate and
an exemption in bankruptcy. Should the spouse in title to
the property die, the non-title holding spouse has a
homestead interest in their primary residence.
- Marital rights held jointly by husband and
wife can be severed by conveyance or death of a spouse, as well as
by divorce or legal separation of the parties. If the party you are working with is divorced
or legally separated, you should inform them that the title
company may request a copy of any divorce decree or legal
separation agreement prior to closing.
- If married persons are purchasing a residence
together and both will go in title, they both will be required to
sign the mortgage. All parties in title must sign the
mortgage or the mortgage lender would hold a security interest in
only a portion of the property. As a general rule, all
parties in title must sign the mortgage to fully protect the
lender should the lender foreclose on the property.
Any questions can be directed to
Benchmark Title at 618-239-3750. Please feel free to call or
email:
Serving you from three convenient locations:
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Main Office:
1124 Hartman Lane
Shiloh, IL 62221
Ph: 618-239-3750
Escrow Fax: 618-239-3707
Title Fax: 618-239-3757
Fax Orders: 618-310-1589
President: John Howe
www.benchmarktitle.net
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318 North Main St.
Columbia, IL 62236
Ph: 618-281-9700
Fax: 618-281-9705
Manager: Randi
Schur
4215 S. State Rte 159
Glen Carbon, IL 62034
Ph: 618-288-1695
Fax: 618-288-1852
Manager: Sara Sowell
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Our mailing address is:
Benchmark Title Company, LLC
1124 Hartman Lane
Shiloh, IL 62221
Our telephone:
618-239-3750
Copyright (C) 2007 Benchmark Title Company, LLC All rights reserved.
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