If my father owns a 2 bedroom house that he rents out and wants to transfer it to me, how can we make the transaction as painless and cheap as possible?
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If my father owns a 2 bedroom house that he rents out and wants to transfer it to me, how can we make the transaction as painless and cheap as possible?
He wants to give the property to me as he is getting older and unable to maintain it. My father and I both live in another state. The property was given to him from his mother via quitclaim deed. He now wants to quitclaim deed the property to me. There is a mortgage on the property that is in his mother’s name. The house is a rental property with a renter currently living in the unit. I would like the renter to continue uninterrupted. This will be my first home.
Asked on July 26, 2015 under Real Estate Law, Illinois
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Your father can transfer the property to you by a quitclaim deed. A quitclaim deed will release your father's entire right, title, and interest in the property. The quitclaim deed needs to be signed in the presence of a notary and then filed with the County Recorder's Office. The quitclaim deed is effective upon being filed with the County Recorder.
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