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kimehmorgan · Joined: 24 Jul 2009 Posts: 1 1.29 Dollars($)

My mother and Aunt own a house together. My Aunt filed a Quitclaim Deed to put 50% of her ownership in a trust account. The only deed that comes up in the NY registrar of Deeds is My Aunts. I was told that the last filed deed is the legal one, is this true.

jameshogg · Posted: Fri Jul 24, 2009 7:46 pm Post subject:

Hi kimehmorgan,

I guess your mother and your aunt each hold 50% of the property. Your aunt has put her portion of the property in the trust but your mother is still holding the ownership of the rest of the 50% of the property. Your mother and your aunt's trust - both are the owners of the property.

Thanks

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

kimehmorgan

welcome to mortgagefit

Your mother and aunt both are having same equity in the house so even if your aunt have quitclaim her part to someone else, your mother equity remains the same and thus both the parties now (trust and your mother) are now new owner of the property.

keep in touch.........

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Which Deed is legal and what happens now?