Legal Question in Business Law in Illinois
quick claim deed to home after business closing
My friend just put her house in her daughters name. This was because her husbands business closed 2 years ago. Can she get a quick claim deed in her name only? And can her husbands ex-business put any claims against the house in her name?
1 Answer from Attorneys
Re: quick claim deed to home after business closing
Not enough facts here to really give you any kind of answer, but I will try to fill in some blanks with my guesses. Your friend needs to contact an attorney if she is worried about liens and transfers of title. I am guessing the house was owned by the friend and her husband, and they deeded the property to their daughter to try to avoid creditors. First thing, if they have a mortgage, this transfer to the daughter violates the due on sale clause, so their lender could demand the full loan balance due immediately. Not a good thing. Second, if they conveyed their property to a family member for free to avoid creditors, then yes, judgments and liens against the husband could attach to the property. Yes, the daughter can (and should if there is a mortgage) convey the property back to your friend. (By the way, it is "quit" not "quick" claim.)
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