Legal Question in Real Estate Law in Illinois

Re: what legal form do we need to fill out

Two different things. Ownership can be changed via a deed. You should probably discuss your situation with a real estate attorney, as there are a couple different ways you can take title. You should also be aware that your current mortgage probably prohibits you from doing this. As far as the financing, about the only way you're going to get him on the loan/mortgage is to refinance. If he has credit as good or better than your credit, no problem. If not, you might be looking at a higher interest rate. Another way to handle this is to prepare a will giving the property to him in the event of your death. You will not need to worry about transferring title via a deed or refinancing. You can also change the will if the situation changes. Again, you would be well advised to consult with an attorney versed in estate planning and real estate law.

Re: what legal form do we need to fill out

You can add your partner to the deed by executing and recording a quit claim deed from yourself to you and the partner. There are various forms of ownership that you can place the title in so that you are co-owners. One way is as joint tenants. If one of you passes away the property is automatically owned 100 % by the survivor. No will no estate not fuss. The other way is as tenants in common. Here each of you would own one-half of the property. If one should pass his share would need to be disposed of by will or intestate succession.

As to the finance, you cannot add someone to an existing loan. The only way to do so would be to re-finance and have both parties sign the mortgage and note.

I can help you prepare the quit calim deed. My fee is $125.00 which includes the filing fee.

Please call me for a free consultation.

Michael A. Perez

773 772-8989

Re: what legal form do we need to fill out

I've represented same-sex couples in the past with similar situations. First, to add another person to TITLE (via, e.g., a deed) and adding another person to a mortgage, with the result that the other person becomes obligation to pay the mortgage, are two different things. I would suggest a re-fi of the property, and I can help you with this. At the same time, I would suggest creating a Land Trust; this is creative, and will obviate the need for probate at a later date. You can call me if you like; as I said, I can help with both.

(630)893-2494