Legal Question in Real Estate Law in Illinois

Re: What exactly is a real estate quitclaim?

It seems to me that the real question is how is your relative going to transfer his/her/their interest in the real property to you without satisfaction of the pre-existing mortgage. I would suggest that you need to consult with a lawyer who has some expertise in the field of real estate law.

Re: What exactly is a real estate quitclaim?

A quit claim deed merely conveys a person's interest in real estate to another, without any warranties of title. A warranty deed in your situation would be preferable. However, you big problem is that there is a mortgage on the property. Most lenders will not allow the owner to convey the real estate to you until the mortgage is paid. If you ignore this restriction, the lender could demand all the money immediately upon the transfer. Consult an attorney.

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