A notary law has been introduced in Illinois and it is called the Public Act-95-988. The Act has been put to effect from 1st June 2009 and is slated for termination on 30th June 2013. This new statute is going to affect the notarization of transfers concerning residential real estate in Cook County in the State of Illinois. This real estate statute has been introduced to address the rising issues of mortgage fraud in Cook County and Chicago in Illinois.
Illinois notaries state that the documents of conveyance need to be notarized and that the residential real estate board of the Cook County needs to maintain a Notarial Record that bears the thumb impression of the seller and thus acts as a concrete record of the real estate deal.
The record needs to be supplemented with identification documents. These documents need to be issued by a federal or state government agency and should have the photograph of the concerned individual and their signature. These identification documents will be valid for all notarial acts in cases where the identity of an individual is determined on the basis of the identification documents.
The rules for the deliverance of the Notarial Record vary. A notary public who does not function as an agent of title insurance company or as an employee of an insurance company, does not work with a financial institution or is not an attorney should submit the Notarial Record within a span of two week along with a filing fee of $5 at the Cook County recorder of Deeds.
An individual who works in any of the capacities mentioned above should deliver the Notarial Record within the same span to their employer who in turn is supposed to maintain the record for 7 years. This Notarial Record is not to be divulged and can only be revealed by the subpoena. As a resident of Chicago and Cook County in Illinois, you may not be familiar with these legalities. You can try real estate directories list in case you are searching for real estate lawyer in this case is therefore a must.
Most people are unaware of the terms associated with the legal aspects of a real estate transaction and a reference to a legal directory may serve to enlighten them. To stay updated with real estate news, updates, law and information you must follow some top real estate blogs.