---

Quitdeed Clarification

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
rollworld Joined: 08 Apr 2011 Posts: 1 1.51 Dollars($)	Posted: Fri Apr 08, 2011 8:56 am    Post subject: Quitdeed Clarification Like 0 Dislike 0 I'm trying to clarify a few issues concerning the transfer of property in Los Angeles County. My mother has a mortgage and a heloc against the property. She has a will and a trust set up specifically for my sister (mentally handicapped), my other sister and I are the trustee's. The property currently has not been taken care of in terms of transfer upon death or before (if that is the better option). My mothers intent is to avoid the property in the trust since that is only designated for one sister and is intended for a separate life insurance policy. Thus is the best option a quitdeed and if so when should it be officially submitted to the recorder? LA County has transfer taxes but I believe it avoidable if the tranfer takes place for a death. Also what happens with all of the debt obligations-carried over i'm guessing. With that in mind will the mortgage and heloc lenders come calling immeadiately for full repayment since we (sisters and I) didn't do the loan or heloc? One last question would be since timing is of the essence now can I personally fill out quitclaim's and get it notarized with my mom. Then upon the answer to the submittal question proceed. Thank you in advance for your assistance on this issue.
adonis Joined: 22 Oct 2005 Posts: 10531 Location: ALASKA 1085.02 Dollars($)	Posted: Fri Apr 08, 2011 7:45 pm    Post subject: Like 0 Dislike 0 Welcome rollworld, You have mentioned that your mother has a will and a trust already. In such a situation, there is no need for a quitclaim deed. However, if she still wants to transfer the property through a quitclaim deed, then she will have to remove the property from the trust. As far as the mortgage is concerned, the lender will ask the person to whom the property is being transferred to refinance or assume the mortgage. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0