Legal Question in Real Estate Law in Illinois

Whomever is on the title to the property (The deed) is an owner of the property. They are all responsible for HOA or Condo Association fees. They can collect from you for those costs. If the property is sold, the HOA is paid off from closing costs, or they won't release their lien on the home. Therefore, quitclaiming the property won't distinguish this liability. The HOA can still proceed against the person who transferred it, and they maintain a lien on the property. They can evict tenants and even sell the property. They can force tenants to pay them instead of the owners as well if they obtain a court order to do so. Owners are responsible for HOA assessments until the foreclosure sale is complete, which transfers title. The debt would still survive, so a bankruptcy could be needed here. Be careful of timing, since future HOA costs thru foreclosure don't discharge if the bankruptcy comes first. Who to quitclaim it to? Perhaps the other owner, or sell the property in a normal sale. Sometimes, depending on the mortgage company, and if there are no other liens on the home, you can do a deed in lieu of foreclosure to transfer it back to the lender. That would end the HOA costs to you as well, you'll just have the past due ones to resolve with the HOA. Thanks for your question, good luck.

See an attorney. In addition to Mr. Leeders' points, you apparently have something of an oral partnership with this "unrelated" person to own the condo, and that person would normally be the one to be the grantee of a deed. But normally the grantee must accept the deed, and you don't say if this person is willing to take title from you. If you put money into this condo, there could be tax consequences too. So don't be shortsighted.