Will grantor lose rights on property after quit claim?

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi Guest,

It seems that you have asked a similar question earlier in the forum. There many community members including me have replied to you. To view my reply, you may refer to http://www.mortgagefit.com/quitclaimdeed/ownershiptransfer-financialre sponsibility.html

Guest

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?

jenkin7 · Posted: Sat Oct 13, 2007 5:46 am Post subject:

Hello Jane,

Yes, if your husband quit claims his share to you, you can get back the title in your name.

Guest

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.

Caron · Posted: Mon Oct 22, 2007 12:21 am Post subject: RE: life estate

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.

Guest

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?

jenkin7 · Posted: Fri Oct 26, 2007 5:39 am Post subject:

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.

Guest

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!

Posted: Tue Oct 30, 2007 3:52 am Post subject:

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.

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

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

Guest

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?

jenkin7 · Posted: Fri Nov 16, 2007 3:54 am Post subject:

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?

Guest

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.

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

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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