Legal Question in Real Estate Law in Illinois

The person making the gift may be subject to a gift tax or may need to use up exemptions that could impact their planning. It is highly recommended that the person making the gift consult an attorney or qualified tax adviser (preferably a CPA).

If there is a purpose other than a gratuitous transfer, that background should be considered by a professional. Often, the intent is not as easily accomplished as people think.

Your situation may also be important to consider. If you are receiving a home that you will own outright, you may want to address any debt that you may have, determine the best way to take title, etc. You should also make sure that the home will not remain subject to the creditors of the grantor. Simply transferring the home may leave it subject to the grantor's creditors.

Obtaining title insurance is recommended. You should meet with an attorney in your area. It will be worth spending some money to protect this asset.