BEST ANSWER
FIRST ANSWER
Hi Gladys. The purpose of recording a deed is to give notice to the general public so that nobody can say they did not know. Knowledge of the public record is imputed. For instance, if someone buys a piece of property (all cash), but never records the deed, he still owns the property, but if the former owner were to sell the property again to another third party who does not know anything about the prior sale, then the first purchaser can't complain to the second purchaser. The second purchaser would be considered a bona fide purchaser because he did not know that the prior owner was no longer the owner and he could not have found out by looking at the public records because the first buyer did not record the deed. Thus, if you don't want trouble down the road, you definitely should record the quit claim deed. Otherwise, it's only good between you and the person who signed it. It really doesn't do you a whole lot of good. Unless the quitclaim deed was somehow rescinded, I see no reason why it would not be valid anymore. It's not like there's some kind of an expiration date on it. I have to add my usual disclaimer. I am not an Illinois attorney and I would recommend that you seek legal advice from a licensed attorney to make sure that there are no special requirements under Illinois law. Good luck.
Tue Apr 15 2008, 08:44