Legal Question in Real Estate Law in Illinois

home ownership

I am 59 yrs old. A few years ago I put my house in my kids name with me as right of surviorship. Now I am wanting to do some updating and repairs. I cannot get a equity loan because the house is not in my name. Can I change it back or do the kids have to do it?


Asked on 9/12/08, 11:31 am

2 Answers from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Re: home ownership

Thank you for your question. Your kids could transfer the property back to you via deed. Can I assume that the house is owned free and clear?

It may be best if you put the house in trust with your children as beneficiaries.

Please feel free to email to discuss further: [email protected]

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Answered on 9/12/08, 11:41 am
Motty Stone Law Offices of Motty Stone

Re: home ownership

You will have to be more clear about what you did. Do you and your kids own the house together in joint tennancy with right of survivorship?

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Answered on 9/12/08, 12:05 pm


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