Legal Question in Real Estate Law in Illinois

Re: real estate

The mechanics of transferring ownership are simple: record a quitclaim deed. What's complicated are the implications.

For example, will the US government consider it to be a gift? If so, there may be gift tax implications. What will the new owner's basis be for capital gain calculations? Will the lender notice and call the loan due? It's possible but not likely. Also, depending on the reasons for the transfer, it may be a voidable transdaction.

You need to discuss this in detail with a real estate attorney before you do anything.