Will grantor lose rights on property after quit claim?

blue · Posted: Wed Jan 17, 2007 6:27 pm Post subject:

Hi Lisa,

Welcome to Mortgagefit discussion board.

If the quit claim deed was properly recorded with the county recorder's office then it is ok to sell the house now. Quit claim is a valid legal document if it is made out correctly.

Your boyfriend won't have to do anything else regarding giving back the property to his ex.

Thanks
Blue

jameshogg

Lisa,

There isn't anything else to sign over other than a quit claim deed. Using this deed, he has given away his property to you after divorce. Now, you are the owner of the property and hence free to sell it off. I hope you don't have a mortgage on it. Then the scenario could be different.

Thanks,
James.

Guest

I bought a home in 99 & my parents gave me a certain amount of money as a gift towards the purchase of the home. I am a single mom with 2 kids & My parents talked me into leasing out my home & move in with them while I went to Nursing school, so I rented out my home. A year later my mother stated that if I didn't sign a quit claim deed of my home over to her that I wouldn't have a place to live because they would kick me out. So I didn't have a job or anything, so I thought I had no choice, since the people living in my home signed a 3 year lease. At that time I was not aware that I could of pulled money out of the equity on my homebecause I was young and my mother has controlled me my whole life, The mortgage is still in my name, but the quit claim deed was filed. My parents re leased the home to the tenants. After the lease is up with the tenants can I move back in? Is it still mine or can I null & Void the deed since I was forced?

Guest

Once the deed is signed, you cannot make it null and void.

You can move back in after the tenants leave the home but there should be some legal agreement signed by you and your mother.

Caron

Hi Melissa,

Welcome to our forums.

I am quite surprised that the lender allowed you and your mother to rent the property when the mortgage is still in your name. Did you inform the lender that you have quit claimed the property to your mother? He needs to know all these since the loan he has offered is secured by your property.

The deed has been filed, so there's no chance that it can be made void. But if you can prove in court that you were forced to sign such a deed, then only it can be declared as null and void.

However, even if the deed becomes void and you get back the title, the tenants cannot be deprived of the property as they may have signed some legal documents.

I think you should talk to a real estate lawyer in this regard.

Thanks,

Caron.

Guest

My mother and father are still alive and live in their home. Mortgage is paid for. My father wants to know if he goes the route of a quick claim deed, can he avoid probate in Minnesota? He wants to deed the property to his four children. Can they all be listed on the deed? From what I know, once the quick claim deed is filed with the country recorder's office, he gives up all rights to the property and the children will be responsible for the property taxes. he would like to still benefit from those property taxes when he files his state taxes every year. Is there a way to do this?

carnahandavid · Joined: 21 Dec 2006 Posts: 239 58.41 Dollars($)

Beth, creating a revocable trust would be a better idea. In that your father can name his children as the beneficiaries. After his demise the house will directly pass over to you all without the need of going through the probate process.

With the trust your father will retain complete control over the property and he would also be able to sell it if any unforeseen problem arises in future.

David

Samantha

Hi Beth,

Welcome to the forum.

Your father can sign over a beneficiary or transfer on death deed so that after he passes away, the property will automatically revert to his children without requiring any probate.

Guest

I own a home that my daughter has been living in. I now want to quit deed it to her. The form asks a selling price. I am not selling, what do I out in this column. The mortgage will still be in my name for a while until she gets her own mortgage. She will pay the mortgage and the taxes. Can she claim homesteadexemption now?

Guest

Guest

Wanda,

jameshogg

Hi Wanda,

Welcome to forums.

Did you get the form prepared by an attorney? I am asking because not all quit claim forms are one and the same. The forms are drafted on the basis of the requirements of the grantor.

In your case, you aren't selling but you are just transferring your property. This is considered to be a gift and hence you can enter the current market value of the property. Is there a separate space to fill up the current property-value? If not, then consult an attorney who can help you fill up the form or you may take help from the County recorder's office.

Thanks,
James.

Caron

Hi Wanda,

Welcome to our forums.

Since your daughter will be the owner of the property, she can file homestead. But for that, she needs to be the resident of that state and should own her home as the principal residence.

Homeowners could start filing for 2007 homestead protections right from the 2nd of March, 2006 and the filing period continues till the 1st of March, 2007. The period of filing may vary from state to state. So, if you can tell me the name of your state, then it will be easier for me to provide you with the information.

The filing is free of cost during the specified time period. In case you file late, you may start off any time between 2nd March and 18th September, 2007 and pay around $15 as per state laws. Also, there is some paperwork to be done by you.

However, late filing for 2007 exemptions between 19th September and 31st December, 2007 will require you to attend a formal hearing conducted by a Value Adjustment Board Special Magistrate. The approval for the exemption will depend upon this hearing.

Hope this helps you.

Thanks,

Caron.

Guest

how soon can you refinance a property that was quitclaim to you

blue · Posted: Mon Feb 12, 2007 10:49 am Post subject:

Hi Wisny,

Welcome to Mortgagefit discussion board.

After getting ownership of the property you can refinance anytime you like, there is no time period for which you should wait before refinancing. But do make sure there is no prepayment penalty involved with the mortgage.

Thanks
Blue

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