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Updated almost 5 years ago on . Most recent reply

Account Closed
  • Real Estate Agent
  • Richardson, TX
161
Votes |
511
Posts

Adding my name on deed thorugh quit claim or warranty deed in Illinois

Account Closed
  • Real Estate Agent
  • Richardson, TX
Posted

Hi everyone, 

I want to add my name on a deed for a house owned free and clear. My plan is to use a HELOC and buy a 3-4 flat in the Chicago area or fix and flip in the south side. The house is located in Champaign, IL. These are my questions:

1) What's the process for adding my name on the house deed? Should I use a warranty deed or quitclaim? Should I contact a RE attourney or a title company? 

2) What are the taxes/fees associated with these transactions? 

3) Do I need to find a local lender to get a HELOC? The property is in Champaign and I live in Chicago. Would I need to go to Champaign and find a lender there, or can I just find a lender in Chicago and still get the HELOC approved?

Thanks everyone. 

Most Popular Reply

User Stats

4
Posts
2
Votes
John Symington
  • Rockford, IL
2
Votes |
4
Posts
John Symington
  • Rockford, IL
Replied

I've done this several times in the Rockford, Illinois area. I have used a Quitclaim deed and once the deed is prepared it can simply be filed with the recorders office for a fee of about $35.00. I always prepare my own deeds and see no sense in spending money with an attorney to prepare the deed. Hope this helps. 

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