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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Post subject: RE: Is title tansferred after quit claim? |
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Hi Lauren,
A quit claim deed will help to transfer your sister's interest in the property to you. The quit claim may help to transfer the title in your name. But it will not give any warranty as to whether your sister actually has any interest on the property. It simply implies that your sister is giving away whatever interest she may have on the house.
Thanks. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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Post subject: RE: Is it a fair deal? |
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Hi Lauren,
I don't find any loophole as such in your sister's plan to give away the property to you and it isn't fair to comment on someone whom I really don't know until and unless I hear her doing something wrong with you. But I shall suggest that you use a warranty deed instead of the quit claim to get the title in your name.
The warranty deed transfers the title in your name and at the same time, it warrants that the persons granting the property are the legal owners of the property prior to the transfer. You don't get such a guarantee with the quit claim.
Regarding the 50% down payment, frankly speaking, I am a bit doubtful. I haven't heard of such a large down payment for buying a home. You can just negotiate with her to lower the down payment in case you feel it's too much that she is demanding.
Check out with our resource on Quit Claim to know more about the deed.
Do not hesitate to come up with further queries. 
Thanks,
Caron. |
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Tim H.
Guest
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Post subject: Sibling quick claim |
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| I have a house which is all pay off and I want to give this to my little brother. Should I do a quick claim to avoid any taxes? I don't want to sell it to him because I don't want the property tax to go up...Any suggestion will be appreciated. Thanks, Tim. |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.65 Dollars($)
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Post subject: |
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Hi Tim,
Quit claim deed is a good option to use in case you want to give the house to your brother. The procedure for quit claim is also very simple and would effectively transfer your interest in the property in your brother's name.
Thanks
Colin |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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Post subject: RE: can quit claim help to avoid taxes? |
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Hi Tim,
Welcome to the forums.
| Quote: | | Should I do a quick claim to avoid any taxes? |
You cannot avoid taxes if you quit claim the property to your brother. But there can be certain exemption on the tax if the quit claim is considered as a gift provided to your brother. For 2006, the exemption limit on gift taxes is $12,000.
Know more on the Tax issues on Quit Claim from our Community discussions.
Thanks,
Caron. |
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confused
Guest
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Post subject: quit claims and novations |
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| I am so confused. I have been asking my ex-husband to sign quit claim over to me since the divorce, two years ago. I finally have it. what do I have to do now to get the house and mortgage in my name only. What will it cost? Can I do this without a lawyer? |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.81 Dollars($)
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Post subject: |
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Hi,
| Quote: | | what do I have to do now to get the house and mortgage in my name only. |
By quit claim deed the house is transferred in your name. You should get the deed notarized by a notary public and recorded at the county recorder's office to make it valid.
To get the mortgage in your name you will have to get the mortgage refinanced in your name. In addition to it you should also inform the lender about the transfer of title in your name and enquire about the steps to go through for the refinance.
| Quote: | | Can I do this without a lawyer? |
The quit claim deed can be made without an lawyers help but it is always advisable to consult an lawyer.
Thanks
Blue
_________________
Lets help each other. Try my blog |
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Stewart
Guest
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Post subject: |
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Hi,
With a refinance of the mortgage in your name you may have to pay for application fees, appraisal fees, may be asked to pay discount points, legal service charges, origination fees, survey charges, title search and title insurance fees and a credit check fees. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.54 Dollars($)
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Post subject: RE: how to get house and mortgage in your name? |
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Hi Guest,
To get the house in your name, it is better to use a grant deed or warranty rather than quit claim. I am suggesting this because, in future your ex husband can claim any part of the property. The reason behind it is, a quit claim does not guarantee that others have no rights on the property. It just reveals that the property interest is transferred to you.
A grant deed would have revealed that your ex-husband has transferred the property to you when he was on title and the title is now free of any liens except as mentioned in the deed. On the other hand, a warranty deed would have ensured that you have clear title to the property.
To get the mortgage in your name, you can ask your husband to do a novation by requesting the lender.
Know more on How to get off mortgage from our previous discussion.
Thanks,
Caron. |
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anonymously
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Post subject: transfer of deed |
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| can a man take control over a home that him and his wife own just because shes incarcerated? Can he have her name taken off of it? |
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Saunders
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Post subject: |
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Hi,
To take your wife's name off the title of the home, you will be required to have her consent to it.
If she agrees then she can quit claim her part in the house in your favor. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Post subject: RE: take name off title |
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Hi Guest,
| Quote: | | can a man take control over a home that him and his wife own just because shes incarcerated? |
This is a legal matter and an attorney can give you the best answer.
| Quote: | | Can he have her name taken off of it? |
Yes, but the wife has to agree to sign the deed. Here also, an attorney will be able to advise you the best.
Thanks,
Sara. |
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jesus
Guest
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Post subject: quit claim deed |
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| My question is, my father purchased a home but his credit was not great. His brother in law agreed to take the mortgage in his name and place my father and mother on the deed. The home is 2 months on arear due to the matter that his brother in law forgot to send him the bills and now my dad is trying to see what he can do. I am asking can my uncle quit claim the deed over to me. I am 19yrs old I have a steady job as an asst. manager for best buy for 2yrs. I my credit is a 618 middle score and i am trying to help my dad. He had gave an 80,000.00 down payment originally and i don't want they to lose the money or home. please advise thank you |
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rthomas
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Post subject: |
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Hi Jesus,
Your uncle can quit claim his interest in the property in your name. But that will not transfer the mortgage obligation that your uncle has taken, it will still be in your uncle's name.
You should consult the lender for transferring the loan in your name by way of a refinance or a novation.
R.Thomas |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.65 Dollars($)
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Post subject: |
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Hi,
You can go through our sections on Novation and refinance for more information on how to proceed and the option you should select among the two.
Many lenders often do not agree to a novation, so you should discuss with your lender about its possibility and then find out if they only allow for the refinance instead.
Thanks
Colin |
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