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larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi DianeG,

Welcome to the forum.

If you do not record the deed in the County Recorder Office then the deed will not be considered as a valid deed.

BTW if you want to avoid probate than you can use a Ladybird deed. In that case your aunt will remain owner of the property as long as she lives and you will get the ownership after her death. If you want to know more about Ladybird deed check out this community discussion at http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate

Feel free to ask if you have any further questions.

Best of luck,
Larry

sara · Posted: Tue Mar 11, 2008 11:31 pm Post subject: RE: avoid probate

Hi Diane,

I agree with Larry here. A ladybird deed does allow you to avoid probate. But if there is already a Will prepared, then your aunt needs to cancel the Will because a deed has been signed for the purpose.

What deed has been used by the way? If your aunt wants to add your name to the property, it is similar to giving away a part of her share of interest in property to you. However, if your aunt wants you to inherit the property, then using a ladybird deed make sense, because you never know, when someone comes forward and says he claims your aunt's property. And then merely a quitclaim deed won't protect your interest but a ladybird deed could help then.

Take Care

Guest

What happens if parents die and a quit claim deed has been signed by 1 sibling and not the other? Is the one who didn't sign not eligible for any proceeds from the sale of the house if the parents die intestate.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Myra,

Welcome to the forum.

Your sibling is a grantee here. So you need to check to whom your parents quitclaimed the property. If you name is also there on the deed as a grantee then you are also an owner of the property even though you have not signed the deed, because grantee's sign is not important in every state.

I you should contact with an attorney and review the deed with him.

Best of luck,
Larry

Guest

I was wondering if there is any thing that i could do here, My dad Did a Qiuck deed and put property in my name and then this property was sold, with the money, my dad paid off the loan that was on the property. Now the IRS is showing that i Made a Gross profit because the Land was in my name and the Loan was still in my dads name. is there any way to reverse the Quick deed

helping_user · Posted: Thu Mar 27, 2008 11:59 pm Post subject:

Hi,

I've already shared my views at http://www.mortgagefit.com/quitclaim/reversedeed-cancelprofit.html . Please have a look.

Thanks.

Guest

I had a couple quitclaim a deed to their house to me but we are planning to do a short sale. The bank has been paying the taxes. Do I need to pay taxes on this house? We will just lease it out until the bank makes us an offer so we can get the mortgage reduced. The owners had no equity and have not paid their mortgage for about 2 years. Their bankruptcy is discharged already but the bank has not foreclosed yet.

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Tax implications of Quit claim deed