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adding my name to deed in IL

My son who owns a condo in Chicago, IL wants to add my name to the deed. What is involved? Additionally, will the lender (mortgage loan provider) be involved in this?

Omega

aumesh's picture
aumesh | Joined: December 30, 2010 08:31 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

One more thing, once he graduates the plan is to rent it out (given current low property values) and I will be managing it. That's the impetus behind adding my name.

Omega

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:33 | Post subject:

raymond's picture
raymond | Joined: July 3, 2009 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you're going to modify Title, you need to receive permission from the Lender first. If the Lender says "yes", you would be added with a Quit Claim.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:33 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks Raymond. Since my son is currently refinancing (closing next week) can this be done during closing? I mean although he is taking the loan can the title be in both my and his name, of course with the permission of the new lender.

omega

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:33 | Post subject:

raymond's picture
raymond | Joined: July 3, 2009 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It's possible, but you'd need to be included as a co-borrower in his [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. You should inform his Loan Officer of your objective ASAP and see if you can be added to the refinance.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:33 | Post subject:

crichter's picture
crichter | Joined: December 28, 2010 07:26 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Omega,

You may not need to be a full co-borrower to have the vesting updated to include you at the time of closing.

Yes, with permission, the Quitclaim is the appropriate vehicle if you need to update it after closing.

For the purposes of property management, why do you need to be on title?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:33 | Post subject:

aumesh's picture
aumesh | Joined: December 30, 2010 08:31 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks Chris. Sorry for the delayed reply as I did not see your reply until today.

Omega

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:33 | Post subject:

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