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 Niicss
Joined: 03 Oct 2005
Posts: 1252
Location: New Jersey
187.30 Dollars($)
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 Posted: Tue Sep 11, 2007 6:02 pm Post subject: |
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| Quote: | | Does a Quitclaim Deed absolve the grantor of any financial liability if there is still a mortgage due on the home? |
If there is a mortgage, then even after quit claiming his ownership rights he remains on the loan. Only after the loan is refinanced by new owner, his name gets removed.
| Quote: | | If the Grantee agrees with the Quitclaim Deed, does he/she take over payments for the loan (home)? |
Quit claim deed does not result in transfer of mortgage responsibility. It will have to be refinanced then only loan will be in his name and he will be able to claim tax deduction for mortgage interest he would be paying.
| Quote: | | If the Grantee defaults on the loan, is the Grantor held responsible? |
If the new owner (grantee), stops making payments then the lender can foreclose & sell the house to recover the mortgage balance. In addition it will have negative affect on grantor credit as he is named on loan documents as being the borrower.
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Good is the Enemy of Great. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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Jane
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0.10 Dollars($)
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| Posted: Sat Oct 13, 2007 3:09 am Post subject: quit claim deed |
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| I recently got married may 07, and know that the state that we reside in gives the both spouses owner ship to real property. I have a house on the marke that I had before my marriage, if I request my spouse to sign a quit claim deed will this revert all my equity and title back to me? |
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jenkin7
Joined: 04 Jun 2007
Posts: 939
140.80 Dollars($)
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| Posted: Sat Oct 13, 2007 5:46 am Post subject: |
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Hello Jane,
Yes, if your husband quit claims his share to you, you can get back the title in your name. |
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Melvia
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0.10 Dollars($)
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| Posted: Sun Oct 21, 2007 4:12 pm Post subject: Life Estate |
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Hi,
will you please explain a Life Estate Plan for me . We are a Senior Citizens we've been thinking about doing a quit claim deed on our property. After reading soome of your answers to quit claim deeds we are having second thoughts. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1482
Location: florida
250.35 Dollars($)
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| Posted: Mon Oct 22, 2007 12:21 am Post subject: RE: life estate |
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Hi Melvia,
Welcome to our forums.
A life estate on any deed which transfers property from one person to another helps the grantor to stay in the property till death even though the property is transferred to his children.
As long as the grantor holds life estate on the property, he is responsible for paying the maintenance costs including property taxes. Upon death, the life estate exists no more and the children owns the property.
| Quote: | | After reading soome of your answers to quit claim deeds we are having second thoughts. |
I didn't get you. What second thoughts do you have? please explain. It will help me give you any suggestions regarding property transfer.
Good luck
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yolanda
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0.10 Dollars($)
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| Posted: Thu Oct 25, 2007 6:13 am Post subject: jn florida |
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| married 6 months, in event of unforseen death, as a spouse is it necessary for the quit claim deed , spouse has grown children. Im i protected as far as losing home? |
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jenkin7
Joined: 04 Jun 2007
Posts: 939
140.80 Dollars($)
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| Posted: Fri Oct 26, 2007 5:39 am Post subject: |
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Hello Yolanda,
If the deed has your name with joint tenancy with rights of survivorship, you will get the property after your spouse's death.
If the children only are named as beneficiaries then, they will get the property.
If you ask your spouse to quit claim a portion of the property to your name with rights of survivorship, then you will own the property after spouse's death.
There is another option. A will may be created with your name as a beneficiary to ensure your share of ownership. |
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Kelley B
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0.10 Dollars($)
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| Posted: Mon Oct 29, 2007 2:13 am Post subject: Quit Claim Deed |
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| The house I live in now was bought in a survivorship with my father, my mother and myself. My mother passed away, which left my father and I 1/2 owners of the house. He has since signed a quit claim deed on the house 1 1/2 years ago. The house was purchased for $336,000. If I sell the property, will I have to pay capital gains on it? I am planning on buying a $200,000 condo and giving him back the difference of the selling price. Please help! |
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| Posted: Tue Oct 30, 2007 3:52 am Post subject: |
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Hi Kelley,
What is the selling price of the house?
You will have to pay capital gains tax on the profit you make from selling the house.
There are certain ways by which you can avoid to pay this tax. If you have been living in this house for a minimum of two years, you can exclude up to $250,000 of the gain. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Sat Nov 03, 2007 2:38 am Post subject: |
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Hi Kelley,
You have to pay Capital Gain Tax if you have earned a certain amount of profit on the selling price as mentioned above. It depends upon how long you are staying in the house and how much you are gaining through the sail.
Thanks,
Larry |
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betty
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| Posted: Thu Nov 15, 2007 4:09 pm Post subject: quikclaiming home |
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| my daughter could not pay her mortgage and was about to forclose on the home so my husband and I signed an agreement with her to pay of the loan in turns she quikclaimed the property over to us. Now she is refusing to pay the agreed amount of money to pay us back. Does she have any rights to the property? |
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jenkin7
Joined: 04 Jun 2007
Posts: 939
140.80 Dollars($)
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| Posted: Fri Nov 16, 2007 3:54 am Post subject: |
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Hello Betty,
If she has already transferred the ownership to you with the help of a quit claim and the deed has been notarized and recorded at the county office, then she doesn't have right to the property any more.
Is the mortgage still in her name or have you refinanced it in your name? |
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sylvia
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| Posted: Mon Dec 10, 2007 10:24 am Post subject: there are two owners of a condo |
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| there are two owners of a condo one wants to transfer ownership will a quit claims deed handle this and will all three person involve need to go to a lawyer for this to happen. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Mon Dec 10, 2007 10:37 am Post subject: |
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Hi Sylvia,
Welcome to this forum.
You are saying "one wants to transfer ownership ". Does he want to sell the property or just gift it away?
If he wants to gift his share of property, then quitclaim deed is the right choice but if he wants to sell the property, then it will be better if he uses a Warranty deed.
For the transfer of property, it is always better if you take help form an attorney.
Thanks,
Larry |
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