Will grantor lose rights on property after quit claim?

Guest

My husband and I are in the process of trying to sell our old house to my brother in law, but due to his divorce that was final in June 2007, his name is still on his old house. We currently have a land contract with him on our old house and we were told to do a quit claim deed to add him to our title and then we can turn around and have him take my husband and my name off the title to just have his name. Would we still be responsible for that home since I believe our names will still be on the mortgage?

jenkin7 · Posted: Tue Dec 11, 2007 5:20 am Post subject:

Hello Shannon,

Yes, you are correct. You will still be financially responsible for the loan if your name is taken out of the mortgage.

Guest

A partner and I purchased a home together two years ago. I would like to sell and relocate but my partner wants to say in the house. What are my options? I thought about the quick claim deed but in doing so, I would give up everything and my partner comes out ahead financially.

Walter

Niicss · Posted: Tue Dec 18, 2007 6:20 am Post subject:

If you want to quit all your ownership rights to the property then you may sign a quit claim deed to transfer all your interest in the property to your friend.

But if you want to sell off the property and your friend is not willing to do so then you may force a sale of the property by filing a partition lawsuit against him.

Guest

what letter do you file with a quit claim deed?

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

Hi Sylvia,

Welcome to this forum.

I think you need not to file any letter with quitclaim deed. The grantor just need to sign the quitclaim deed and then it should be notarized and record the deed in the county recorder office. Contact with an attorney. He will help you make the deed valid.

Feel free to ask if you have any further questions.

Thanks,
Larry

Guest

after I quit claim to husband in a divorce will I have recourse to take property back if he or his heirs default on the loan

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

Hi,

If you quitclaim a property to someone that means you are no longer the owner of the property and you have no legal claims on that property. you can get the property back only if the owner of the property quitclaim back to you.

It is not that if your husband or his heirs defaults you can take the property back.

Best of luck,
Larry

Guest

HOW CAN WE ( THE CHILDREN) pUT OUR NAMES ON FATHER PROPERTY(PAID OFF) WITHOUT INTEFERRING WITH HIS SENIOR DISCOUNT HE RECEIVE FROM THE COUNTY. WE WILL BE ON THE PROPERTY FOR LEGAL PROSESSION AFTER DEATH.

jenkin7 · Posted: Thu Jan 17, 2008 4:09 am Post subject:

Hello Jan,

Your father might add you to the title of the property with the help of a quit claim deed but I'm not sure if he might continue to get the senior discount or not.

For eg. in Colorado, a senior is eligible for the tax discount even if the title is held as joint tenants or tenants in common. But the laws vary from state to state and I think it will be better if you consult a tax advisor before signing the quit claim form.

If adding your name to the title creates complication in receiving the senior discount, then I think your father may make a will and name his children as beneficiaries of his property.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.07 Dollars($)

Hi Shannon,

You would still be responsible for the debt on that home since the mortgage is in your name. I would not quit claim the deed unless your brother was to refinance to pay off the mortgage. That way, your ownership and debt obligation will be transfered to him.

Guest

MY DAUGHTER IS IN JAIL AND SIGNED A QUIT CLAIM DEED ON HER HOME, THAT WAS NOTARIZED TO ME HER MOTHER. IF SHE GETS OUT OF JAIL BEFORE I SELL IT ( I HAVE GENERAL DURABLE POWER OF ATTORNEY) CAN SHE GIVE ME ANY PROBLEMS EVEN THOUGH I HAVE NOT
FILED THE QUIT CLAIM YET.

Samantha

Hi PJ,

Welcome to forums.

If your daughter has already quitclaimed the entire property to you, the rights of ownership are with you. So, you can sell the property. But before that you should file the deed. How long is it after she has been taken to prison?

The Durable Power of Attorney has nothing to do here with the sale. However, has she quitclaimed for the simple reason that she'll return and get back the property from you? Is that why she has given you a Durable Power of Attorney so that you can sign on legal papers, if required, on her behalf?

Guest

I have a family member who wants to pay forclosure fees and me to sign a qiut claim deed and he will take over my mortgage and by within 3 yrs.

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

Hi Jonna,

Welcome to the forum.

If you quitclaim still then you will have to pay the mortgage. So he should finance it on his name as soon as you quitclaim the property to him. Otherwise your lender will not let you quitclaim to him.

I am not clear here - "I have a family member who wants to pay forclosure fees" Can you please explain it for me.

Thanks,
Larry

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