If my father owns a 2 bedroom house that he rents out and wants to transfer it to me, how can we make the transaction as painless and cheap as possible?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my father owns a 2 bedroom house that he rents out and wants to transfer it to me, how can we make the transaction as painless and cheap as possible?
He wants to give the property to me as he is getting older and unable to maintain it. My father and I both live in another state. The property was given to him from his mother via quitclaim deed. He now wants to quitclaim deed the property to me. There is a mortgage on the property that is in his mother’s name. The house is a rental property with a renter currently living in the unit. I would like the renter to continue uninterrupted. This will be my first home.
Asked on July 26, 2015 under Real Estate Law, Illinois
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Your father can transfer the property to you by a quitclaim deed. A quitclaim deed will release your father's entire right, title, and interest in the property. The quitclaim deed needs to be signed in the presence of a notary and then filed with the County Recorder's Office. The quitclaim deed is effective upon being filed with the County Recorder.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.