I agree with the others. Your brother can transfer his interest in the property to you but you should contact a real estate attorney to help walk you through the process. Also, please be aware that such a transfer may result in transfer and/or income taxes and you should consult with an accountant as to the best way to structure the transfer to minimize these taxes. I routinely handle real estate transfers and would be happy to discuss the matter with you in detail.
DISCLAIMER. The above post is provided solely for general informational purposes. Any information in the above... more
DISCLAIMER. The above post is provided solely for general informational purposes. Any information in the above post is NOT intended to be specific legal advice and should NOT be relied upon as such. NO attorney-client relationship is formed on the basis of the above posting and I strongly urge you to seek the advice of competent legal counsel before taking any action related to your inquiry.
If you and your brother are on title to the home, he needs to convey his interest to you. However, this may not be a simple as you think and could depend upon inheritance and whether title is actually in the name of you and your brother. You need to consult with a probate or real estate attorney for advice and preparation of the appropriate documents. This could be quite simple but it is never known for sure until title is examined.
You should definitely consult with a qualified real estate attorney. It may be important to examine the title to the property to see how title is currently being held and that will determine what form the deed will need to be in to get title in your name. This is a simple process, but if one thing is not done correctly it can become a big problem later on when you decide to sell or convey the property to someone else.
Just an additional thought: if it was left to you two by a will and it is not too late, Illinois law would allow your brother to reject his share of the gift and that could help avoid tax issues. Do see an attorney.