Legal Question in Real Estate Law in Illinois

Quitclaim Deed

In Oct 2002 my brother and I made an arrangement to purchase two houses on the same lot, both fell under one title and deed. For his tax purposes we financed the loan/ mortgage in his name with the agreement he would place $2500.00 down and I would pay the mortgage payments (which I have and kept reciepts). We are both listed on the property insurance. In March 2003 he decided to bail out of the loan so to save my house I paid him $3500.00 as a settlement for his interests involved and he quitclaim deed the entire property to me. We had the quitclaim notorized along with the bill of sale for $3500.00. I have made every payment of the mortgage (still in his name)and would like to refinance the loan in my name. How do I insure the house is mine and cannot be used for any future gain for him ie..second mortgage, equity loan?.


Asked on 6/25/03, 1:55 am

1 Answer from Attorneys
Mary McDonagh McDonagh-Faherty Law Offices

Re: Quitclaim Deed

If the deed is in your name, you own the property. You can just obtain the mortgage in your name if you so wish. If he wishes to cause you any problems then that will come up in the future. If it does, then I would suggest getting a lawyer.

Read more
Answered on 6/25/03, 9:45 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois