Legal Question in Real Estate Law in Illinois

subject

Myfather died & was intestate. He had only a home. An elder sister is taking care of getting things wrapped up & we're selling the house. My question is: what is a quitclaim deed? If my sisters & I sign this, it does it mean we give legal rights to the elder sister and we'll have no legal rights to the proceeds after it's sold? Additionally, we're also expected to sign a Family Settlement Agreement. Thank you for any answers/advice you can provide.


Asked on 9/27/02, 1:42 pm

2 Answers from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: subject

Sounds like the "elder sister" has a lawyer. To avoid getting screwed, you should have one too.

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Answered on 9/27/02, 3:42 pm
David Shestokas Shestokas, & Associates

Re: subject

A quitclaim deed does in fact give up all rights to a piece of real estate. When signed and delivered any rights the person has in that property, or rights that may be acquired after the deed has been signed and delivered are gone. Usually it is not signed without some consideration (that is payment) for the signing. If you wish to discuss the matter further I can be reached at 630-243-0099. Good luck.

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Answered on 9/27/02, 7:40 pm


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