Quit claim deed or buying

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Allison

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Post Posted: Wed Aug 22, 2007 8:29 pm    Post subject: Quit claim deed or buying
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My great grandmother and greatfather has a deed to the house, they have been deceased over 40 years and my grandmother has filed homestead exemption on the residence she has 1 son and he wants to relinquish his rights to the residence and so does she and I want to buy the house and be the sole owner of the property. I have power of attorney and durable power since she is in ill health. We want to keep the house in the family, but we want to cya (cover your ass) in case we have to put her in a nursing home. We don't want the nursing home to take the house what is the best option? I spoke with an attorney and they said to do the quit claim but after further research I was told by the tax assesor at the county court house that affidavits had to be signed so my grandmother and father would relinquish their rights and I can buy the house out right and be the sole owner and the nursing home could not take the house. What is the best way to handle this situation?
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Post Posted: Wed Aug 22, 2007 9:18 pm    Post subject:
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Hi Allison,

You can use a quitclaim deed to transfer the house in your name from your great grandmother and great father. But as this type of deed does not guarantee the real owner to the property before the transfer, so it may create problem later.

So it is better if you purchase the house from them after signing the affidavit of heirship as suggested by the tax assessor. In this way you will gain the sole ownership rights to the house. And incase your great grandmother and great father goes to the nursing home, the nursing home will not be able to claim anything from the house as part of the bills because of the change in ownership.
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Post Posted: Wed Aug 22, 2007 11:35 pm    Post subject:
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Hi Allison,

If the house is free of any lien, you can transfer the house from your grandmother by using a warranty deed. Besides transferring the title, the deed will also assure that the person granting the property is the legal owner of the property before the transfer. You will not get such a guarantee with the quit claim.
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Post Posted: Sun Aug 26, 2007 7:53 am    Post subject:
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If your grandmother has applied for Medicaid, a state health program, then after she dies, only then will the state try to get back the costs of the Medicaid. And, this is done through estate recovery. The property can be protected by either creating a life estate with the heirs or transferring it to a trust.
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