Posted by dickb/wi on 3/20/09 8:21pm
Msg #281545

here's one for u bob...good old cook county........ n/m

Reply by Bob_Chicago on 3/20/09 11:08pm
Msg #281569

?? n/m

Reply by dickb/wi on 3/21/09 1:08pm
Msg #281606

sorry bob forgot the link..it's in the message.....

http://evanstonhomesandcondos.com/2009/03/16/homeowners-must-be-fingerprinted-before-selling-property/

Reply by Bob_Chicago on 3/21/09 3:16pm
Msg #281617

Knew about it , but thanx, Dick. Going to be a major pita.

Have not studied bill yet, but I believe that it will even
be applicable on "spouse xfers" to change title to married name.
There was a situation recently , where a former attorney was digging out
dormant titles (eg. vacant property that had been conveyed to a church)
and phonying up deed and notarization to xfer to himself and sell.
I belirve that this law was intended as the "cure"

Reply by Susan Fischer on 3/22/09 1:01am
Msg #281663

Anybody got a better idea? There are so many opportunities

for fraud.

A fingerprint could at least be important in court.

Reply by Pat/IL on 3/22/09 11:47am
Msg #281687

Re: Anybody got a better idea? Yes.

The buyer of the property should purchase a title insurance policy, which would protect him in the event of a fraudulent transfer. That is a major purpose of an owner's policy - to insure that title is properly transfered and that no other entity has an interest in the property except those stated in the policy.

The title file would contain all necessary documentation pertaining to the parties authorized by the corporations, or churches, or other entities, to sell the property. If the sale tourns out to be fraudulent, the true owner would retain the property and the buyer would file a claim on the policy to be made whole. The fraudulent seller would be subject to prosecution.

Reply by PAW on 3/22/09 7:17am
Msg #281670

Effect on out of state signings?

I haven't completely digested the bill, but am curious whether or not the requirement would be waived if the signing takes place out of state, for property located in Cook County. I've only done one closing for Cook County, and that was years ago. (Purchaser was 'wintering' here when closing was done.)

Reply by Bob_Chicago on 3/22/09 4:30pm
Msg #281695

Re: Effect on out of state signings?

Think that it does NOT apply to transactions occuring OUTSIDE
of the state of IL

Sec. 3-102. Notarial Record; Residential Real Property
Transactions Official Signature.
(a) This Section shall apply to every notarial act in
Illinois involving a document of conveyance that transfers or
purports to transfer title to residential real property located
in Cook County.

Reply by Renee Giannos on 3/23/09 7:44am
Msg #281738

Re: Effect on out of state signings?

It does NOT apply to notarizations taking place outside Illinois. Just went to a Chicago Title seminar on the pilot program and that specific question was asked.