Quitclaim deed on property in Georgia

Guest

Hi, I purchased some property (2.75 ac.) from my father for an agreement of 12,000.00 which I paid in full. We went through a real estate attorney to finalize the deal. We also had the property surveyed off because he kept the other 4 ac. that is beside it. I have a mobile home on it which is financed separately and has no ties to the land. The attorney performed a title search, a lien search and covered all the bases to make sure we were in the clear for all of our protection. My question is this. If at any given time I wanted to sale the property can It be done off of the quit claim deed or does it have to be a warranty deed? And, if the answer is that I need a warranty deed how do I go about having the deed converted to a warranty deed?

smithsussane · Posted: Sun Jan 04, 2009 10:39 pm Post subject:

Hi Oscar!

Welcome to forums!

You can use either a quitclaim deed or a warranty deed while selling the property. Buyers will prefer if you use a warranty deed to transfer the property. You can take the help of an attorney to draft a warranty deed from him and transfer the property in the buyers name. Once the deed is filled out, you can get it notarized and recorded at the county recorder's office.

Feel free to ask if you have further queries.

Sussane

Guest

I have 2 brothers and 1 sister, our mother has health issues, we want to become joint owners of her properties (main house, 2 rentals and a tract of land). The main house has a morgage remaining in our mother's name. We talked about doing a tenant in common to transfer ownership to the four of us, can the morgage be also transfered? What is the best way to handle this situation legally? LLC?

Guest

Hi Ken,

All your mother has to do to add you all to the title is sign a quitclaim deed. The ownership by default would a considered as tenancy in common or you can also mention that on the deed. However, to transfer the mortgage obligations you guys should refinance it in your names.

Guest

We recently refinanced our home. Because I have poor credit, we use quitclaim deed to remove my name so that house may be refinanced in my wife's name only. After the closing, we want to quitclaim to joint tenancy. My wife is concern that if my name shows up on the deed, that it will ruin her credit. She wants to use her will to transfer ownership in case of death. Is it true that addition of my name on the deed (not on mortgage) can ruin her credit? Why is will not enough to accomplish the same purpose?

Guest

A couple of days after closing, my mortgtage was sold to another bank. I want to use quitclaim to add my spouse to the deed. On the deed form, should send to party be us (spouses), or the original title company, or the current mortgage holder?

adonis · Posted: Fri Apr 10, 2009 11:21 pm Post subject:

Hi,

To Matt,

Adding your name to the property deed will not ruin your wife's credit. However, as you have a mortgage on the property, I would suggest you to inform the lender about this transaction. If the lender agrees to it, then she can add your name to the property with the help of a quitclaim deed.

To Ola,

As far as I know, you'll have to send the deed to your current mortgage holder.

Guest

Hi - we recently inherited a house in Georgia that has more owed on it than the property is worth. My understanding is that by signing a quit claim deed, we can basically give the house back to the bank and not owe the mortgage. How does this work?
Thanks!

jameshogg · Posted: Mon Apr 13, 2009 9:33 pm Post subject:

Hi Sue,

Signing a quitclaim will only transfer the property. It has nothing to do with the mortgage. If you are facing hardship in paying off the mortgage dues, you should contact the lender and apply for a deed in lieu. If the lender accepts it, then you can transfer the property to him. The lender will then sell it off to recover the dues.

Thanks

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