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Posted: Wed May 10, 2006 4:21 am Post subject:

I purchased a home 1 year ago with a friend for investment purposes. I am the only one on the mortgage but we are both on the deed. I am buying him out via a quit deed. Is this the proper procedure? Do we get taxed on the money I buy him out with? He suggests indicating that I'm paying him $10 for the property to avoid taxes, but this makes me nervous.

Also, is there a way to verify that he has not already quit deeded his property to another party? I know that if he had done this unbeknownst to me and then quit deeded me his half that he already sold to someone else, I would be in a bad position.

jerry · Posted: Wed May 10, 2006 5:17 am Post subject:

Well !! You are indeed in a very dicey situation.

First of all, through a quit claim deed only the interest in the title of a property gets transferred. If you want to have a complete ownership of his share in the property then you will have to go for title deed.

I am not very sure on the tax issue.

Caron · Posted: Wed May 10, 2006 5:19 am Post subject: RE:

Hi,

I don't think that you require paying taxes if you buy a part of the property from your friend. And, don't be nervous, just talk to your friend and try to clarify as to whether he has indeed transferred his property share through the quit claim deed.

Thanks,

Caron.

Guest

I am trying t purchase a home although my divorse will not be final for about 45 days. My parents are co-signing for the house. I was told that although the loan was done in my name, my current husbands name would appear on the dead of trust. What would doing a quit deed accomplish?

Samantha · Posted: Wed May 17, 2006 3:49 pm Post subject:

Hi,

Welcome to Mortgagefit Forums.

Since the property that you buy during your married life falls under community property so, your current husband's name is going to appear in the deed.

He can quit claim his interest in the property to you and in that way you can gain all the interest in the house in your name.

I shall advise you to consult your divorce attorney in the matter and take his guidance so that you can avoid any kind of complications.

God bless you.

For MortgageFit,
Samantha

Guest

KMB,

I am glad to see your concern from the very beginning. A lot of times it is found that the couples are having problems with these kind of situations after their divorce.

Actually things should be paid proper attention as early as possible as per your intentions and should be settled within the divorce period.

Your divorce attorney will help you to deal with all the legal requirements.

jameshogg · Posted: Wed May 17, 2006 4:22 pm Post subject:

Quit claim deed will help you to gain all the interest from your husband but I shall advise you to consult an attorney before your purchase to check whether there is any other way to have the title deed prepared solely in your name.

Otherwise, quit claim deed is an option but don't forget to get the deed notarized and getting it recorded in the County's recorder office.

Guest

MY EX-WIFE AND I ARE STILL PAYING ON A HOUSE WHICH IS IN BOTH OF OUR NAMES. DIVORCE PAPERS SAY "SELL AND SPLIT PROCEEDS WITHIN 6 MONTHS", WHICH WAS 9 YEARS AGO. WITH HER OKAY, CAN I BORROW EQUITY $ OR SECOND MORTGAGE HOUSE WHEREAS I WILL Q.C. THE HOUSE TO HER AND SHE WILL Q.C. THE PAYMENT OF MY LOAN?

jameshogg · Posted: Thu May 18, 2006 9:35 am Post subject:

Hi Jake,

You can borrow on the equity of the house as long as you have your interest of ownership in the house.

If the house is quit claimed to your wife then you will not be having any interest in the house and in that case you will not be entitled to any kind of mortgage on the house.

James

Caron · Posted: Thu May 18, 2006 8:27 pm Post subject: RE:quit claim house

Hi Jake,

You can take a second mortgage on the property as you have the ownership rights. But you should have a talk to your ex-wife regarding this, as she also has the ownership rights in the property.

But if you quit claim the house to your ex-wife, she will still be a co-owner of that property. If you are actually thinking of signing off the property to her, then you need to consider a title deed. Then at least you can ask the lender to get your name off the mortgage through some legal process.

Thanks,

Caron.

Guest

Hi,

I am not sure about the quit claim of laon payment, but yes, you can easily borrow from your equity.

Thanks

Guest

My husband quit claim deed our house to me when we purchased it. If he gets in legal trouble can they go after my house? Urgent

Caron · Posted: Sun May 21, 2006 8:07 pm Post subject: RE:quit claim and legal trouble

Hi Martha,

As far as I can understand from your information is that you are a co-owner of the property. Your husband may have quit claimed the property to you. But he still remains the owner, as a quit claim only transfers the interest in the property without allowing for any ownership rights.

So, if there is any legal trouble, then they may go after your property but this depends on the cause behind such troubles, for instance, if your husband has defaulted on a mortgage, etc. If possible, can you be more specific as to what legal problems you are anticipating? May be, then I can help you in a better way.

Thanks,

Caron.

Guest

I quit claim deeded a property to my childrens mother in 2002. She has never refinanced the property. She has remarried and wants to sell the house. The loan is still in my name. I wanted to refinance the house to pull some equity out . She wants to sell it, and keep all the equity. Can she sell it without my signing off on the loan? She has horrible credit, same with the husband. Theres no way for them to refinance. I need the money to start a business. Can I refinance this mortgage? Thanks for your time. Dean

Guest

Hi Dean, Can you ask your ex-wife to give back you the property. As the property has already been quit claimed to her, so you are left with no option. She owns the home and you have no rights to it and the loan is only in your name. You should never quit claim a property to someone even your wife if the loan is still in your name.

Somehow you have to convince her or you have to find a midway path which will be benefited to both of you.

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Tax implications of Quit claim deed