Quit Claim Deed

dgray3678 · Joined: 06 Sep 2006 Posts: 1 1.54 Dollars($)

My 6 siblings and myself have inherited our family's house. All 7 of us are on the deed. My oldest sib is retired and said she might file a Quit Claim deed since she wants her share of money from a house that the remainder of us do not intend to sell. What recourse do we have if she does file? Is this Quit Claim deed a prudent way for her to get money out of the house/property?

Thanks in advance. -DEB.

Guest 0.10 Dollars($)

Hi Deb,

By quit claim deed a person can transfer his share of interest in the property to someone else, it will have no effect on the share of the rest of the title holders of the property i.e. the other six of you.

She cannot sell the house on her own as it is necessary to have the consent of the other owners also before the house can be sold.

Thanks

Guest 0.10 Dollars($)

Hi,

I also agree that your oldest sister cannot decide to sell the house on her own.

She can only decide upon the share of the property that she has and transfer it to any other person if she wants to.

colin · Posted: Wed Sep 06, 2006 3:23 pm Post subject:

Hi,

If six of you do not want to sell the house then you can ask her to quit claim her interest in property to you all and decide upon an amount which might be the current value of her share of the property.

You should take advice from an real estate attorney about how the quit claim deed is to be formulated and also on the current value of share in the property that is to be given to her.

Thanks
Colin

sara

Hi,

That's not a wise move to get money from the property which the rest of the members will not sell. Only by filing the deed, she cannot get money.

Sara.

Guest 0.10 Dollars($)

Deb,

I guess the oldest sibling wants to sell her share of property to you all, so she needs to transfer the ownership of her portion of the property. This is why she may be filing a quit claim.

But you all are not willing to sell the property, so she can do nothing with the deed as the transfer of ownership would require the signatures of the person who is receiving her share of interest.

Eliza

Guest 0.10 Dollars($)

My Uncle wants my Mom to purchase a home which he will co-sign on. He's asking her because his wife won't do it & alone he doesn't have sufficient income. My Mom does not want any part of the property & wants to quit deed after purchase. By quit deeding, does that mean that my Mom no longer has financial responsibility & how soon can you quit deed after purchase. Finally, if something should happen with my Uncle's health (he's 70) prior to quit deed, does my Mom then share responsibiltiy with his wife or is the property my Mom's sole responsibility? Please help!!

Guest 0.10 Dollars($)

Are quit deed rules different in each state?

Guest 0.10 Dollars($)

Hi Nia,

Quit claim deed will only transfer the property interest and any financial obligations will still be present for your Mom. I would also like to mention that quit claim deed can not remove or transfer financial liabilities that any person has.

colin · Posted: Thu Sep 07, 2006 2:37 pm Post subject:

Hi Nia,

Your Mom can quit claim the home after the purchase transaction is over. As far as I know there is no specific time frame after the purchase that you have to wait before you can quit claim your property.

As soon as you acquire legal ownership rights of the home you can quit claim it to someone else.

Thanks
Colin

blue · Posted: Thu Sep 07, 2006 3:52 pm Post subject:

Hi,

Generally the rules for quit claim deed are same in all the states, but there are some minor differences in a few states.

As for example only in few states it is required to have the deed signed by witnesses apart from the notary public for the deed to be valid. The states where this is required are Arkansas, Georgia, Michigan, Ohio, South Carolina and Vermont.

Blue

Caron

Hi,

Guest 0.10 Dollars($)

Hi! My Aunt is selling her home. In the past she signed home over to her Nephew by quitclaim deed . After house is sold how is this property divided ?

Jessica

Hi Larry,

If your aunt has signed over the property to her nephew by quit claim, she cannot sell the property as she does not have any interest in it. If at all she wants to sell the property, she has to get back the interest in the property by canceling the former quit claim or reversing it. Know more on this issue from a discussion on Cancel/Reverse Quit Claim.

If you are interested to know How the Quit Claim Deed works, go through our resource on this topic.

Regards,

Jessica.

Guest 0.10 Dollars($)

I have a house, if I married my house belong also to my husb

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