Legal Question in Real Estate Law in Illinois

Re: name change on title

Mechanically, you record a quit claim deed with the recorder of deeds in your county. That's the easy part.

The complicated part is the ramifications of the transfer. For example, it may be considered a gift and trigger gift taxes (you may want to talk to an accountant about the details of that). Also, it will affect the "basis" of the grantee (receiver) for capital gains purposes (another accountant question). Finally, talk to your lender before you do this and ask them if the title has only been in your name (via quit claim) for a short time, will it affect your ability to get a loan on that property?

If all those problems prove insurmountable, you may want to just buy it outright from your granny (which should avoid all the problems above).

Re: name change on title

The "easy" part of this equation is to have a deed executed to either you alone, or to your and grandma as Joint Tenants with Right of Survivorship.

The "hard" part is the Uncle Sam part re: capital gains, basis, etc., etc. You'll want the help of a good CPA for this.

Good Luck!!