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Reload this Page taking over my sister's condo in Illinois

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Old 02-06-2001, 10:17 AM
nien
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I am planning on taking over my sister's condo in Chicago, including her mortgage. What is involved besides getting the bank to approve me for the loan and transfer the title? are there other taxes that will need to be paid? Would it be better for me to get my own loan now if her balloon mortgage ends in May 2002? are there additional costs doing it this way?
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Old 02-06-2001, 11:09 AM
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Location: Catatonic State
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It would be better for you to apply for a new loan with better rates and terms. The lender will require an escrow company or closing attorney to close the transaction. The closing agent will proarte the real property taxes, insurance, HOA fees etc.
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