adding my name to deed in IL

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Icon Mini Profile aumesh





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Post Posted: Thu Dec 30, 2010 9:39 am    Post subject: adding my name to deed in IL
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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
Icon Mini Profile aumesh





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Post Posted: Thu Dec 30, 2010 9:43 am    Post subject:
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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
Icon Mini Profile raymond
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Post Posted: Thu Dec 30, 2010 10:41 am    Post subject:
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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.
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Raymond Denton
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Post Posted: Thu Dec 30, 2010 10:54 am    Post subject:
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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
Icon Mini Profile raymond
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Post Posted: Thu Dec 30, 2010 11:28 am    Post subject:
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It's possible, but you'd need to be included as a co-borrower in his refinance. You should inform his Loan Officer of your objective ASAP and see if you can be added to the refinance.
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Post Posted: Tue Jan 04, 2011 2:11 pm    Post subject:
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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?

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Icon Mini Profile aumesh





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Post Posted: Fri Jan 07, 2011 11:22 am    Post subject:
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Thanks Chris. Sorry for the delayed reply as I did not see your reply until today.

Omega
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