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Tali
Guest
0.10 Dollars($)
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Post subject: Quit Claim Deed or Buy Out Procedures? |
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Hi,
My boyfriend and I bought a house together 2 years ago. We've decided to break up. I am leaving and he wants the house. We both want to be fair since we both put alot into the house. I was thinking about just signing a quit claim deed and cut my losses, but then I could use the money also. I am not sure what the best choice is for us since this is our first mortgage and I have no clue what a quit claim deed or a buy out entails or how to go about it?? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
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Post subject: Quit Claim Deed or Buy Out Procedures |
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Hi Tali,
Welcome to MortgageFit Forums.
Through a quit claim deed you can transfer your interests in the house to your boyfriend. The deed form can be available online or you can purchase it from an office store.
But keep in mind that it's always better if the deed is prepared under the guidance of an attorney.
Quit claim deed will not transfer the mortgage. To get your name removed from the mortgage, it needs to be refinanced in your bf's name only. Discuss with the lender about your plan. You can refinance with the same lender or with a different lender if you want.
Feel free to ask if you have more doubts.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Tali
Guest
0.10 Dollars($)
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Post subject: Quit Claim Deed or Buy Out Procedures |
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| Thank You! This is a very hard decision. I was under the impression that this was done through the title company. |
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cindy
Guest
0.10 Dollars($)
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Post subject: |
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Hi,
If I sign a quit claim deed over to my spouse does it release me from being responsible for the mortgage payments? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi Cindy,
Quit claim deed has nothing to do with the mortgage payments. Quit claim deed is done only to transfer the interests in the property.
You will still be responsible for the mortgage payments even after signing a quit claim deed. To transfer the mortgage you need to refinance it. |
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marque
Guest
0.10 Dollars($)
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Post subject: quick claim deed |
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| i helped my mother sign for a house; and now i want the house signed over to her husband and out of my name.is the quick claim deed the way to go? and what are his requirements |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 808
Location: OHIO
435.63 Dollars($)
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Post subject: RE: |
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Hi Marque,
Welcome to the forums.
A quit claim deed is usually done while signing over the share of interest in the property. So if you wish to transfer your share of interest in the property to her husband, then the quit claim is the right way.
But if you wish to take your name off the title and hand over the ownership rights to someone else, then you should look towards signing a title deed.
Regards,
Jessica.
_________________
http://jessica.mortgagefit.com/ |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1519
Location: florida
281.04 Dollars($)
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Post subject: RE: Transfer ownership |
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Hi,
As far as I know, for the requirements of the deeds, you should approach an attorney and get a quit claim deed form prepared by him along with any other legal paper, if required.
Thanks,
Caron. |
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tubby
Guest
0.10 Dollars($)
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Post subject: add a name to quickclaim |
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| what forms would i need to add a name to a quickclaim deed |
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L. Rice
Guest
0.10 Dollars($)
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Post subject: |
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Hi Tubby,
There are free quit claim deed forms available on the Internet, however, most have minimal protections and are legal in only a few states. Laws regarding deeds differ in each state. A generic deed can not be valid in all states. I suggest you acquire a deed form specific to your state. |
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Jacqua
Guest
0.10 Dollars($)
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Post subject: deed/mortage transfer |
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I want to buy my ex-boyfriend out on a house we purchased together as equal single people. How do I maintain the orginal mortage interest rate on the house. I will quit or quick deed him a condo that I own in my name for his portion in the house.
Can I quit deed him the condo and he sales it/ I'm I still responsible for the loan balance it is very low for california.
Can He quit or quick claim the house to me and the kids and I will be responsible for the loan not him. I am trying to keep the interest rate around 5%...
Plx Help. |
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blue
Joined: 21 Oct 2005
Posts: 1131
Location: MARYLAND
138.04 Dollars($)
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Post subject: |
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| Quote: | | I want to buy my ex-boyfriend out on a house we purchased together as equal single people. How do I maintain the orginal mortage interest rate on the house. I will quit deed him a condo that I own in my name for his portion in the house. |
Hi,
Actually I am a bit confused on what actually you want to do.  If you want to keep the interest same you can go for a novation and check with your lender.
| Quote: | | Can I quit deed him the condo and he sales it/ I'm I still responsible for the loan balance it is very low for california. |
A quit claim deed has nothing to do with the mortgage. So, even if you quit claim your interests in the house, you are still liable to pay the mortgage loan. If you want to get your name removed from the mortgage, you need to go for a novation or refinance the mortgage in your ex's name.
| Quote: | | Can He quit or quick claim the house to me and the kids and I will be responsible for the loan not him. I am trying to keep the interest rate around 5%... |
He can quit claim his interests on the property to you but as I said earlier he won't be able to get out of the loan through quit claim. For that either refinance or novation is required.
Feel free to clarify your doubts with us.
_________________
Lets help each other. Try my blog |
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pamme326
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0.10 Dollars($)
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Post subject: |
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| My grandfather who died in 1982 had a house and land in his name. A quick claim deed was done in 1984 on the house and land. Do the other heirs have claim to this property or is it the one who had the quick claim deed done? He did not have a will. |
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Dorbutl9
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0.10 Dollars($)
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Post subject: Estate rights |
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| I've been living on estate property for 29 years , I am one of the heirs. I have a home , well, septic tank and have taken care of the land for 29 years. What rights do I have in this land? The property that i am living on for these 29 years ,can it be split between the other heirs? My father has been dead for 23 years. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Post subject: RE: |
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Hi,
Welcome to the forums.
If your father has created a will and considered you as a legal owner of the property, then you may receive your share of the property. However, if you are the heir, you can divide the interest in the property among all heirs through a quit claim deed.
Thanks,
Sara. |
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