Be in writing to satisfy the statute of frauds (740 ILCS 80/2).

Identify the names of the grantor and grantee (765 ILCS 5/9 and 5/10).

Provide an adequate legal description of the real estate (765 ILCS 5/35c). The legal description should also include for the real estate:

Contain language warranting or conveying the real estate (765 ILCS 5/9).

Identify a consideration amount (765 ILCS 5/9 and 5/10).

Be signed and dated (765 ILCS 5/1).

Contain a notary acknowledgment.

Lack of resources and inefficiency. Many recording offices do not have the resources to implement new technology or to consistently back up records. The documents needed to complete a single transaction or to compile a title abstract may be spread across multiple offices in various locations.

Accuracy. Clerks must manually review all documents submitted to ensure they are acceptable for recording. The documents must be scanned, which may lead to poor image quality or illegible text. Certain data points that are searchable must be manually typed into the database, which creates a risk of an input error.

Security. Physical records can be destroyed by water or fire. Electronic records can be lost in database failures, cyberattacks, or electricity outages. Paper records are also subject to forgery and manipulation.

Cost. Unfamiliarity with the transaction process leads consumers to rely on experts, which increases the costs of transactions.

Fraudulent recordings. The current system accepts instruments for recording without any verification of the substance of transaction. This allows for the recording of:

Productivity. Blockchain could allow for fewer employees and increased productivity which could mean:

Savings. The savings generated by incorporating blockchain may lower the cost of digital technology for counties that cannot afford to implement electronic document recording systems.

Complete accuracy. This technology ensures complete accuracy between the act of conveyance and what is recorded in the conveyance document. Both events would occur in a single simultaneous transaction.

Verification and Consistency. Blockchain incorporates distributed ledger technology (DLT), meaning that every record is constantly backed up and verified by every other office that incorporates blockchain. This would also create digital property abstracts that would consolidate information spread across various government offices. This means that every record would be available at every office, rather than portions of a record being physically stored at separate offices. Blockchain can be used without a third-party intermediary, such as a title agent, to validate the transaction. The blockchain itself provides the settlement of the transaction and the notarial act of timestamping. Blockchain automatically ties new filings to existing recorded filings, basically verifying the chain of title. Records are never deleted.

Preventing Fraud. Purchasers have to check multiple government offices to find the information needed to figure out if a transaction is an illegal scam. Purchasers that lack resources and credit history cannot qualify for bank mortgages so they fall into contract-for-deed schemes for homes that are not owned by the purported seller. Blockchain would consolidate property data that would easily allow a purchaser to figure out if a proposed transaction was illegitimate.

How should an attorney decide whether to file through blockchain or traditional methods?

Is blockchain an alternative to traditional filing or will it be the only method?

Are there any advantages for continuing traditional recording?

Real Estate Ownership: Questions 6, 9, and 12.

Real Estate Leasing: Questions 2 and 10.

Real Estate Finance: Questions 4, 6, 7, 8, and 10.