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Updated over 4 years ago, 07/18/2020
Adding my name on deed thorugh quit claim or warranty deed in Illinois
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.