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Lori
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0.10 Dollars($)
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 Posted: Sat Sep 02, 2006 5:18 pm Post subject: Quit Claim deed |
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| I hope you can help me. My Dad owned a 1/5th interest in some land. He did a quit claim deed to me for his share. Included in this was a life trust for his use of the property. He now wants me to sell his share to one of the people that ownes 2/3rd of the land. How do I go about this? |
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sara
Joined: 05 Jul 2006
Posts: 955
Location: New Brunswick, New Jersey
182.56 Dollars($)
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| Posted: Sat Sep 02, 2006 10:25 pm Post subject: RE: Is a tenancy in common the same thing as a Quit Claim? |
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Hi Josephine,
A tenancy in common is a kind of ownership on a property and a quitclaim is a deed through which one owner transfers his interest in the property to any other person.
It does not matter if your son is in a different state as he is the one who has bought the house. You can enter into a tenancy in common form of ownership with your son.
If the daughter-in-law has any share in the property, then she can transfer her part to you or to your son, if she is willing to do so. In that case, you may not have any problem if anything happens to your son. But it is better to tansfer ownership rights through warranty deed/title deed rather than quit claim.
Refer to the Quit claim deed section for more.
Thanks,
Sara. |
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redrose
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0.10 Dollars($)
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| Posted: Sat Sep 02, 2006 10:45 pm Post subject: tenancy in common ownership |
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Hi Josephine,
I hope this info on tenancy will help you. Just go through, it may give you some idea.
Tenancy in common is a form of ownership in which property two or more persons hold title; each has equal right to use the property. The percentage of interest in the property may not be equal for the owners. There is no right of survivorship, that is, after the death of one person, his share in the property will be distributed as per his Will. The court may also supervise the distribution of his interest in the property if there is no Will. His interest can be separately sold or even mortgaged.
thanks |
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Derick
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0.10 Dollars($)
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| Posted: Sat Sep 02, 2006 11:11 pm Post subject: Sell property in living trust |
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Hi Lori,
As your property is in living trust (I guess this is what you mean by life trust), there are two ways to sell property. You can sell property directly from the trust. Then the seller will be the trust and not you. The other way to sell, is to have the property transferred out of the trust back to you as an individual and then sell it.
Derick |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 539
Location: MICHIGAN
49.64 Dollars($)
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| Posted: Sat Sep 02, 2006 11:14 pm Post subject: RE: |
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Lori,
You need to consult with a real estate attorney and also the trustee for the sale.
Thanks,
Jerry. |
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Unmasked
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0.10 Dollars($)
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| Posted: Sat Sep 02, 2006 11:33 pm Post subject: how to protect interest in property? |
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Josephine,
Knowing how tenancy in common works, I suggest you secure your interest in the property through this form of ownership. Both of you and your son or all the three of you can have tenancy in common ownership, so that if anything happens to your son, at least your ownership interest in the property is secured.
best wishes |
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unmasked
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0.10 Dollars($)
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| Posted: Sat Sep 02, 2006 11:34 pm Post subject: |
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Just forgot to add - if you don't want the daughter-in-law to get any interest there, then you can request her to transfer her share of interest to your son.
Have a nice day! |
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Concerned
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0.10 Dollars($)
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| Posted: Wed Sep 06, 2006 12:48 pm Post subject: |
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| inherited property before marriage; 4 yrs later quit claim signed by spouse and I refinanced pulled $ out to live on and remodeled; 2 yrs later spouse signed another quit claim just before refinance which stated "express intent of the grantor, being the spouse of the grantee to convey all right, title, interest of the grantor, community or otherwise to the grantee as her sole and seperate property"; I refinanced pulled $ out to pay bills and remodeled. Seperated 2 yrs later and remained that way for 8 years. Default judgement in 2004 with no property division. Now he is fighting for money from my seperate property. Is he entitled to anything? |
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Wiest
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0.10 Dollars($)
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| Posted: Wed Sep 06, 2006 1:06 pm Post subject: |
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Hi,
As your ex-husband had quit claimed the property to you, I do not think he has any rights to put claim on the property now.
Thanks |
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sara
Joined: 05 Jul 2006
Posts: 955
Location: New Brunswick, New Jersey
182.56 Dollars($)
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| Posted: Wed Sep 06, 2006 8:32 pm Post subject: RE: Can spouse obtain money from separate property? |
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Hi Guest,
I don't think your spouse deserves to get the money he is fighting for. Moreover, the default judgement also does not entitle him for any share of interest in the property.
Just explain all this to him and see if he stops disturbing you. If not, just consult an attorney for further action.
Thanks,
Sara. |
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Linda
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0.10 Dollars($)
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| Posted: Sat Sep 09, 2006 6:05 am Post subject: Quit claim deed question |
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| We live in Minnesota and are going to be doing a quit claim deed on a house & property to our daughter. Should we use a Husband & Wife to Individual or Individual to Individual quit claim deed form? |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1343
Location: florida
223.40 Dollars($)
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| Posted: Sat Sep 09, 2006 9:53 am Post subject: RE: Which type of quit claim form is applicable? |
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Hi Linda,
If you and your husband have names on the title to the property, then you should consider a husband and wife to individual quit claim form. If only one of your names are on the title, then go for the Individual to Individual deed.
Here is a sample form of the Husband and wife to Individual Quit Claim deed.
Thanks,
Caron. |
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confused
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0.10 Dollars($)
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| Posted: Sat Sep 09, 2006 4:57 pm Post subject: life estate |
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| Nine years ago, my mother transferred the deed to me and retained tenancy rights. She has been in a nursing home for over three years now and is mentally and physically incapacitated. I pay the property taxes, homeowners and everything since myself and my children have been living in the home all our lives. I am very confused as the deed says life estate also on it but it cleary states ownership was changed from her to myself. Who is the owner? There is no way she could have been paying for all the expenses and now I have become disabled and unable to continue for much longer to pay the bills and would consider selling the home before I lose it altogether. My sister who is Power of Attorney says she would agree to waive the life estate rights. How do I go about doing this? |
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sara
Joined: 05 Jul 2006
Posts: 955
Location: New Brunswick, New Jersey
182.56 Dollars($)
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| Posted: Sat Sep 09, 2006 10:16 pm Post subject: RE: who is the owner? |
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Hi guest,
If the deed states that ownership has been transferred to you and also there is a life estate, probably it means: you are the owner of the property till the death of your mother. You have the right to use and occupy the property but cannot sell it until the estate rights are waived.
I think you should talk to an attorney for the entire process.
Thanks,
Sara |
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lauren
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0.10 Dollars($)
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| Posted: Sun Sep 10, 2006 12:05 pm Post subject: quick claim deeds |
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my sister bought a house and decided to move to another country. she is offering the house to us, and to help us out, she suggested to do a quick claim deed. is she actully helping us out? what is our advantage and disadvantage on doing a quick claim?
my sister is asking for 50% down payment based on the equity they earned, before starting this quick claim deed on their property. she explains that after the quick claim deed is sign by her, the name on the title will be transfered to our name - is this true? |
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