Legal Question in Real Estate Law in Illinois

property

do quick claim bind the person making the claim to future monetary obligation


Asked on 3/20/08, 12:26 pm

1 Answer from Attorneys

Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: property

I don't understand the question. Quit Claim Deeds change title to real estate. It changes nothing with regard to a mortgage (if there is one) except that if the bank finds out a different person is in title, they can call the whole loan due. But if the bank has no agreement with the new title holder, the new person is not obligated to pay the loan, if that's your question. Whoever's name is on the loan is still on the hook.

I hope that answers your question.

Read more
Answered on 3/20/08, 6:55 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois