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fdo
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0.10 Dollars($)
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 Posted: Tue Apr 03, 2007 8:04 pm Post subject: Quit claim deed in Florida |
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I am about to sign a quit claim deed from a property that I just close to a LLC company own by me and my business partner, we plan to pay everything 50 50. Do I have to do something that legally obligates him to pay his half of the mortgage? I am under the impression that I will be the sole responsible for the mortgage.
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 sara
Joined: 05 Jul 2006
Posts: 958
Location: New Brunswick, New Jersey
183.52 Dollars($)
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| Posted: Tue Apr 03, 2007 8:38 pm Post subject: RE: Florida quit claim deed |
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Hi Fdo,
Welcome to the forums.
That's not the right impression that you have. Once you sign the quit claim, it will no be your sole responsibility to pay down the mortgage.
Your business partner has to pay off his part of the loan balance. You do not have to take any legal step and in case your partner is aware of it, do inform him.
Thanks,
Sara |
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she
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| Posted: Wed Apr 04, 2007 6:20 pm Post subject: |
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| Quote: | | Do I have to do something that legally obligates him to pay his half of the mortgage? I am under the impression that I will be the sole responsible for the mortgage. |
If your business partner is co-borrower on the loan then it is his duty to continue paying his equal share of mortgage payments. He should understand that non-payments can result in defaults and have bad affect on credit score. |
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brenda cross
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| Posted: Tue Sep 11, 2007 3:06 pm Post subject: mortgages/quit claim deed |
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| My son's xwife wants out of the mortgage for their house. She has offered to take a lump sum of money and quit claim the house to him. Will there be any Florida penalties/taxes/charges associated with doing this? The bank has already agreed to drop her name from the mortgage. |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Tue Sep 11, 2007 3:29 pm Post subject: |
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Hi Brenda,
If the bank has also agreed to remove her name from the mortgage then there should not be any problem with the title transfer.
There will be normal expenses associated with hiring an attorney and quit claim deed recording fees.
Miller |
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larry
Joined: 27 Jun 2007
Posts: 3051
428.03 Dollars($)
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| Posted: Tue Sep 11, 2007 11:26 pm Post subject: |
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Hi Brenda,
For transferring the property in your son's name with a quitclaim deed, his ex-wife may have to pay the gift tax associated with property transfer. But your son should not worry as he will not have to make such tax payments. The charges that he will have to pay is for hiring the attorney a and recording the quitclaim deed. |
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