My question involves real estate located in the State of: Illinois
I'm completing a deed in lieu with my mortgage company have have a concern regaring banks recently not wanting to record the deed until they can resale the house. My question is in regards to my continued liability (if any) towards HOA fees.
My HOA regulations require that I submit documentation of the transfer on my unit (completed deed, etc) as "evidence of transfer of ownership" and I also have a statement from the HOA showing a balance of $0.00 owed as of the date of the deed transfer.
If the bank fails to record the deed am I still liable for any future HOA fees (incurred after the deed was completed)? Under Illinois law am I still liable for the property once a deed is completed or does it have to be recorded to remove me from any liability on the property? Same concerns with regards to property tax - when does the property offically transfer and is the deed being recorded legally necessary in Illinois to have an official transfer of ownership?
In general, if any claims arise out of my name still being the name on the property in the county offices does the fact that a deed transfer was completed between the bank and I shield me from any claims/liability? If a claim arises do I just state that I am not the owner of the property, haven't been since X date, and use the deed in lieu documents as evidence?