Legal Question in Real Estate Law in Illinois
I currently own a home. I have been paying on it for 3 years. I would like to add my partner onto the title of my home as she is truly part owner. (She has been paying half). When I took out the loan I was advised to get the loan individually because my credit score was higher at the time.
Are there any repercussions for a doing a quit claim deed?
3 Answers from Attorneys
Technically it invokes the due on sale clause of the mortgage, but I have never heard of a mortgage being foreclosed on because of an additional co-owner.
It may also void your title insurance policy.
I assume that you are not married. Which, actually, puts you in something of a pickle. If you were married, there is a statute that would protect you in a situation such as this. Otherwise, you risk, as Joe pointed out, triggering the so-called "Due on Sale" clause. Depending on who issued the title insurance policy, you may/might have a problem there as well. There are ways around each issue, but they tend to be somewhat time consuming.
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