Legal Question in Real Estate Law in Illinois
Quit claim
I purchased a townhouse. MY fiance was living with me, though my name was the only name on the mortgage. We have since broken up and I intended to move out and let her take ownership of the townhouse. Would a form such as a quit claim deed work in a situation like this? Would it remove me from all responsibility of the townhouse while adding her? Or, do I have to sell it to her?
1 Answer from Attorneys
Re: Quit claim
There are a number of problems with your approach. Your mortgage probably prohibits this transfer. If you are able to transfer the property to her, she owns the place, but you owe the payments. Not a great arrangement for you--ideal for the ex-fiancee. You need to contact a real estate attorney to assist you in drafting a purchase agreement to sell her the property. She will need to procure her own loan, the proceeds of which will be used to pay off your old loan. Don't try to cut corners on this--you'll only court disaster.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
