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Daily Real Estate News  |  March 25, 2009  |   Chicago Home Sellers to Be Fingerprinted
Beginning on June 1, home owners in the Chicago area must provide a print of their right thumb when they sell a property.

The amendment to the Illinois Notary Public Act, slated to expire in 2013, aims to prevent a type of mortgage fraud that involves the transfer of ownership to an individual forging the homeowner's signature and the subsequent sale or mortgaging of the property without the knowledge of the true owner.

Thumbprints are not necessary for property transfers due to divorce, foreclosure, or deed in lieu of foreclosure or when another name is added to the deed or the property is transferred to a trust in which the same individual serves as both beneficiary and grantor.

Source: American Banker, Alison Bisbey Colter (3/19/2009)

© Copyright 2009 Information Inc.</a>]

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