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blue
Joined: 21 Oct 2005
Posts: 1131
Location: MARYLAND
138.04 Dollars($)
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Hi Bill,
Welcome to Mortgagefit discussion board.
Yes Ladybird deed or which is also called the Enhanced Life Estate Deed is recognized in Michigan.
Do let us know about any other doubts you have.
Thanks
Blue
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Norma
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Post subject: Quit claim |
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| My husband and i got divorced but did not settle the house. Right now I have to file for my homestead and because I'm divorced, can't do it. How long does the quit claim take.? |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 582
Location: Waltham, Massachusetts
112.65 Dollars($)
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Hi Norma,
Welcome to Mortgagefit forum.
It does not much time as it does not involve going to court for finalization of the property transfer.
All you have to do make out the deed, notarize it and get it recorded with the local county recorder's office.
Colin |
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Mac_7
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| yeah, doesn't take much time to get recorded, depends on the county recorder's office actually. |
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tasha
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Post subject: contractor |
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| Is it possible in the state of Georgia for a contractor to quick claim deed a home for use as collateral until payment is paid in full, and although the work hasn't been completed change the locks thus enabling entry into the home by the grantor? |
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Henstridge
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Post subject: |
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Hi Tasha,
If the contractor quit claims then the home ownership will get transferred in the name of the other person.
After which the person getting the ownership can use it as collateral if required.
Henstridge |
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cynthia d.
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Post subject: quickclaim deed |
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| My mother and a father own a home with re-financed loan). My dad past away last year. My mom wants to remove my fathers name from deed and add mine ( daughter), is quick claim the best way to go...also I'm confused about the ownership portion of the form ie. joint tenancy, survivorship etc... thanks |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1519
Location: florida
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Yes Cynthia, quit claim deed can be used here. If your mom gives away your father's share of interest to you, then it will be tenancy in common.
If both your mom and dad had undivided interest in property, that is joint tenancy, then after your father's death property will pass on automatically to your mother. This is the right of survivorship. And, after this, your mother may wish to add your name on it through quit claim.
To get a better idea about the forms of ownership, you may go through our previous discussion on Joint-tenancy vs Tenancy-in-Common.
Thanks,
Caron.
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Tami
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Post subject: is quit deed right for us? |
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| We, my husband and I bought a home with a partner 4 yrs ago. (maybe as a spec house, but decided not to sell that way) We, husband and I have decided to keep and make our permanent residence. would a quit deed be a way to take him off title and would it affect the property tax base. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
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Post subject: RE: |
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Yes Tami, a quit claim deed can be used to take him off the title.
What you can do is talk to him and if he is willing to take off his name, request him to quit claim his share of interest in property to you and your husband. Verify if he has got the deed drafted by an attorney.
Regarding the property tax base, you and your husband will continue to pay your portion of taxes and the taxes for the part of property initially owned by the partner, will be paid by you or your husband.
Thanks,
James. |
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Tami
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Post subject: property tax base |
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| Clarifing question about tax base...in Calif when you sell property, new property taxes are based on the selling price. Since we wouldn't be buying or sellings the property since we already own it. just ammending the way the title is held...using a quit claim deed. would that affect the annual property tax base. There are $$ involved, with initial investment repayments, which may look like buying the property from partner but it is just paying him back what he invested as well as an investment appreciation. |
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Vernice McCall
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Post subject: Parent/Child Quit Claim |
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Hello:
My father is a disabled veteran who owns a home in CT. The house is paid for and I am his caretaker. Our concern is that this will increase the tax bill on my father's account if my name is on the deed since I am 46 and working.
My Dad is concerned about his not having power and authority over his property that he and my late mom purchased back in 1972.
And my concern is God forbid he passes, by not having done the quit claim process the property would be taken by the state, etc.
Please help!!!!
Thank you very much,
Vernice |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 582
Location: Waltham, Massachusetts
112.65 Dollars($)
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Post subject: |
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Hi Vernice,
Welcome to Mortgagefit forum.
Sorry to hear about your father's condition.
In the situation you have described, creating a revocable living trust will be the correct option. The title of the house will be transferred into the trust. Your father will be named the manager of the trust or who is called the trustee and also the beneficiary. This transfer will not involve any income tax charges. Creation of the revocable living trust is not regarded as a gift; hence there are no gift taxes to be paid.
Your father is concerned that he will lose his rights over the home, but with such a trust, as a trustee he will have complete control over the trust with the right to sell the home or give it to someone else. As the trust will be a revocable living trust, your father will be able to change the trust or close the trust any time he wishes. The trust will also mention how the property will get distributed after his demise.
Hope it will be the right solution for your concern.
Colin |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1519
Location: florida
281.04 Dollars($)
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Post subject: RE: property tax base does not change on quit claim |
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No Tami, that won't affect the property tax base anyway.
I don't think investment repayments will be considered as buying property from the partner. You should have relevant documents with you regarding the investment payments you made to him.
Thanks,
Caron.
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helping_user
Joined: 31 Mar 2006
Posts: 806
Location: Hawaii
158.49 Dollars($)
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Post subject: RE: |
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Yeah Vernice, going for the trust will be a good option. What your father can do is to quit claim his interest in property from him as an individual to himself as the trustee of the revocable trust.
For related information, you can go through our previous discussions on Revocable Trust .
Thanks |
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