Legal Question in Real Estate Law in Illinois

partnership in a 2 flat

my sister and i are joint owners of a 2 flat. due to financial trouble on her part, a few years ago, we refinanced and the loan is completely in my name, but she still remains on the title. She has been out of work for some time and is again in financial trouble, including the irs. she of course looks like she has a large asset with no bills attached. is there a way to remove her name from the title so no one can attach liens and possible hurt my credit in the process. I've tried to help her as much as possible and don't want her to lose her half, but if I have to buy her out i will. i would prefer to remove her name now, work out the money between the two of us, and and her again in better times. is this possible?


Asked on 1/16/09, 4:49 pm

2 Answers from Attorneys
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: partnership in a 2 flat

Absolutely, positively can be done if there is no IRS lien on the property.

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Answered on 1/16/09, 4:51 pm
Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: partnership in a 2 flat

It can be done via "quitclaim" deed. That's the easy part. However, talk to an accountant (as well as an attorney) before you do anything that may have serious tax implications.

Please understand that this reply is being posted for informational purposes only and is not intended to be legal advice. Legal advice can only be given after reviewing all the facts of your individual case and is only provided to clients of the firm after a review of all necessary documents. This communication is not intended to create a lawyer/client relationship and I specifically state to you that you are not a client of the firm.

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Answered on 1/19/09, 3:02 pm


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