Will grantor lose rights on property after quit claim?

bernardomontas · Joined: 22 Apr 2006 Posts: 2 2.19 Dollars($)

Can I lose the rights to my property after sign a Quit Claim Deed? The grantee can sell the house without my concern, without my authorization?

Caron · Posted: Sat Apr 22, 2006 6:53 pm Post subject: RE:

Hi,

Welcome to the forums.

It depends as to whether you are transferring your entire property to someone or just adding some to the title.

In the first case, you will lose all your rights on the property after signing over a quit claim deed. And, in the second case, you will be transferring an interest in your property to the other person while both of your names will be on the title. There will be difference in the shares of interest owned by both of you.

If you have added someone to the title, the co-owner can stay in the property but he cannot sell it without your consent. But if you have transferred or will transfer your entire property to the other person, then he can sell it.

Please go through our section on quit claim deed for further details.

Thanks,

Caron.

0.10 Dollars($)

Is there a way that someone can legally transfer both the property interest and title over to another without paying off. Does the home has to be paid off? A quit claim deed is not an option.

Thanks,

Veronica

jameshogg · Posted: Mon Apr 24, 2006 10:40 am Post subject:

Hi,

Any property transfer with a mortgage pending on it has to be informed to the lender as any change in the title ownership makes the mortgage due immediately.

You mentioned that quit claim deed is not option but I think it is a good option to have a quit claim deed under this condition.

Through a quit claim deed, the ownership rights are transferred without guarantees. It can done while selling or making a gift.

Feel free to ask if you have more queries.

James

blue · Posted: Mon Apr 24, 2006 11:17 am Post subject:

Hi Veronica,

In this situation, you can a transfer the property through an assignment. An assignment is the transfer of a property title under an agreement.

When the transfer is done, through an assignment all the accessories belonging to it, like a lien on the property, will pass with the assignment. The deed through which an agreement can be done is also called an assignment.

But it is best to consult a real estate attorney for a proper advice and guidance in real estate transfers.

Blue

Guest 0.10 Dollars($)

IT WAS DEEDED OVER TO ME IN MARCH OF 2000 IN FRONT A NOTARY . MOM PASSED JULY 2006 . I RECORDED THE DEED 3 DAYS LATER. I HAVE BROTHER IN PRISON THROWING A FIT . DOES HE HAVE A LEG TO STAND ON ? THE DEED SAID FROM MOTHER TO SON FOR 1 DOLLAR.

Guest 0.10 Dollars($)

Hi,

If you do a title search then you will be able to know if any liens are present on the property.

Thanks
Grumet

colin · Posted: Fri Aug 25, 2006 12:33 pm Post subject:

Hi,

Do go through this page on title search for more information about what the title search might reveal.

Colin

Caron

Hi Guest,

If the deed says "from mother to son", then the property should go to your brother. But you mentioned that it was deed over to you. Can you please explain to whom exactly was the deed signed over?

I hope to give you a better answer if you can be little more clear about what you have said.

Thanks,

Caron.

Guest 0.10 Dollars($)

I am planning on buying a piece of property. What is the best way to go about it where the previous owner doe not have to pay taxes on capital gain?

Samantha

Hi Guest,

Welcome back.

If the property sold is valued within $250,000, the seller can get an exemption from capital gains taxes.

In case, he is married, he can qualify for an exemption on the home value worth $500,000. But the home should have been the seller's principal residence for 2 years out of the 5 years prior to sale of the home.

Hope this information will help you. Feel free to post further queries.

God bless you.

Samantha

Guest 0.10 Dollars($)

If a parent quit claims deeds thier house to their 2 children, how does that effect the mortgage and taxes....when there is still a mortgage remaining and the parent is still living in the house

Guest 0.10 Dollars($)

Do you have a life estate on the property?

sara

Hi Guest,

Welcome to the forums.

The parents will still have their names on the mortgage but the title will pass on to the children. The children need not pay for the loan.

However, if the parents are in default then the children will have to pay off the loan to save the property rather than the lender claiming it to recover the amount he has invested.

Regarding the taxes, the owners of the property will be paying for property taxes. So, even if the parents stay on the property, the children will have to pay the property tax as then they will be the owners.

Thanks,

Sara

Guest 0.10 Dollars($)

My boyfriend has gone through his divorce and singed a quit deed on their property. Now she wants to sell the house. Does he have to do anything regarding signing anything else or tha tit require them to be in contact?

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