Quitclaim Deed After Short Sale in Illinois

[Frank S.]

Hello,

Before reaching out to an attorney, I would like some feedback, please.

About two months ago we purchased a short sale in Illinois. This was a cash transaction. We updated the unit - mostly cosmetic, rented it, and eventually will get a mortgage on it.

This property is on my name only and I would like to transfer it to my wife's name through a quitclaim deed, as we want to maximize the number of mortgages per SSN.

Being a short sale, I am required to wait a few months before I can sell it. However, do I need to wait if I want to transfer the deed?  Do I need title insurance for the quitclaim process?

Thanks,

Frank