Legal Question in Real Estate Law in Illinois
Quit Claim Deed
My mother-in-law signed a Quit Claim Deed putting the property in my brother-in-law's name. Can he use the property as collaterial on a loan or take out a home equity loan on the property?
Asked on 3/15/07, 1:28 pm
3 Answers from Attorneys
Burton Padove
Indiana and Illinois Lawyer, Burton A. Padove
Re: Quit Claim Deed
Yes
Answered on 3/15/07, 9:43 pm
Thomas Moens
Moens Law Offices, Chartered
Re: Quit Claim Deed
Absolutely. Or he can sell it, rent it, paint it purple, or anything else he wants to do with it (as long as it is legal). The property is now his, assuming your mother in law owned it when she signed the deed.
Answered on 3/15/07, 2:07 pm
Mary McDonagh
McDonagh-Faherty Law Offices
Re: Quit Claim Deed
He now owns the property and can do whatever he wants with it including financing.
Answered on 3/15/07, 2:40 pm
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