Legal Question in Real Estate Law in Illinois

Transfering home from parents to son

My parents have come into financial difficulties and want to transfer thier home (which is paid off) to me. What is the best way to do this so that I can get a loan to pay off thier debt?


Asked on 3/24/08, 9:09 pm

2 Answers from Attorneys
George Zuganelis Zuganelis & Zuganelis, Attorneys at Law, P.C.

Re: Transfering home from parents to son

The best way to do this is through a quit claim deed. We provide that service. We also provide a no junk fee and no commission mortgage through Chase Bank saving you thousands of dollars. Please call.

Read more
Answered on 3/25/08, 12:25 pm
Thomas Moens Moens Law Offices, Chartered

Re: Transfering home from parents to son

Be careful with this. You may run into problems with gift tax on the transfer.

Read more
Answered on 3/25/08, 5:39 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois