| Author |
Message |
Caron
Moderator
Joined: 19 Jul 2005
Posts: 1343
Location: florida
223.40 Dollars($)
|
 Posted: Wed Jan 10, 2007 3:17 am Post subject: |
|
|
Hi Sharon,
Welcome to our forums.
If you request your mother-in-law to quit claim the property to both of you that will help you to get the ownership rights on property. You can give her the choice to sign over a quit claim deed with a life estate option.
The life estate will give your mother-in-law the rights to occupy the property as long as she is alive after which the house will pass on to both of you. However, the life estate does not allow her to sell the property.
Even though you get ownership rights, the loan will still be in your mother-in-law's name. Her name will remain on the loan until and unless she refinances thereby giving away the title to you and your spouse without going for a quit claim deed.
Alternatively, you may get the loan transferred in your name through Novation – a legal process which transfers home loan in agreement with the lender.
Thanks,
Caron.
_________________
Mortgage Shopping made easy with booklet |
|
 |
sara
Joined: 05 Jul 2006
Posts: 955
Location: New Brunswick, New Jersey
182.56 Dollars($)
|
| Posted: Wed Jan 10, 2007 3:23 am Post subject: |
|
|
Yeah Jimmy, I too feel the same. And, that's why I thought of joining this community and helping people with as much knowldege as I have. You too can Join this community and help others by sharing your knowledge and experience.
Thanks,
Sara |
|
|
Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1455
Location: MASSACHUSETTS
121.48 Dollars($)
|
| Posted: Wed Jan 10, 2007 9:28 am Post subject: |
|
|
Hi Michelle,
You can ask your sister to add the other children's name on the title to the property. This can be done by a quitclaim deed or a grant deed. In this way, each of you will get a certain position of the property in your name.
However, if your father has made a Will, the property should be divided legally as stated on the Will.
Hope this information will help you.
God bless you.
Samantha
_________________
Know how to compare lenders with mortgage booklet |
|
|
Phyllis Nelson
Guest
0.10 Dollars($)
|
| Posted: Thu Jan 11, 2007 10:00 pm Post subject: Best way to transfer ownership in a Quit Claim Deed? |
|
|
| My daughter just got a divorce, well really they lived together common law I guess. The warranty deed is made out to my daughter Jennifer Jones and her ex-boyfried, Jay Smith as grantees. The ex hasn't paid child support and left the state so the court ruled that my daughter get the entire house (condo). The court issed a Rule 70 which the judge signed giving the clerk of the district court permission to sign the necessary papers in lieu of Jay Smith. I, the mother, was told I need to get a deed so the clerk could sign for Jay Smith and I would have to have it recorded. My question is this. When I made out the Quit Claim Deed, I put in Jennifer Jones and Jay Smith as grantors and put my daughter Jennifer Jones as grantee. Since the warranty deed was made out in both their names, I thought I should keep the transfer of ownership the same. Did I fill in the Quit Claim Deed properly, or should I only put Jay Jones as the grantor since He is the only one really who is granting the property. I want to be sure I did this right before I take it down next week to get recorded. A quick answer would be truly appreciated. Thank you, Phyllis |
|
|
sara
Joined: 05 Jul 2006
Posts: 955
Location: New Brunswick, New Jersey
182.56 Dollars($)
|
| Posted: Thu Jan 11, 2007 10:34 pm Post subject: |
|
|
Hi Phyllis,
Welcome to the forums.
I think if you can prepare a quit claim deed with Jay smith as the grantor and Jennifer Jones as the grantee, it will be fine. It will imply that Jay smith is transferring his interest in property to your daughter Jennifer. The share of interest which your daughter already had will remain with her.
Thanks,
Sara |
|
|
helping_user
Joined: 31 Mar 2006
Posts: 674
Location: Hawaii
125.85 Dollars($)
|
| Posted: Fri Jan 12, 2007 12:45 am Post subject: |
|
|
Hi Sara,
I think that the deed should mention Jennifer and Jay as grantor and Jennifer as grantee, which implies that property title is transferred from names of two spouses to just one spouse. This is actually the usual procedure and it may require the wife to pay a lump sum to the ex-spouse in case he demands it.
Thanks |
|
|
Lisa
Guest
0.10 Dollars($)
|
| Posted: Fri Jan 12, 2007 7:24 pm Post subject: Property Deeds after divorce |
|
|
| If a person relinquishes their rights to a property during a divorce, but are never removed from the deed, do they still have a right to the property? |
|
|
blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
134.99 Dollars($)
|
| Posted: Fri Jan 12, 2007 7:38 pm Post subject: |
|
|
Hi Lisa,
Welcome to Mortgagefit discussion board.
Does the divorce decree specifies that one of the spouse will get the property after divorce, if it does then it will be necessary to transfer the property to the other person.
But it was mutually agreed between two of you that one will keep the property and as yet the deed has not been made to transfer the property in the name of the other person then he/she still has rights over the said property.
Thanks
Blue
_________________
Lets help each other. Try my blog |
|
|
adonis
Joined: 22 Oct 2005
Posts: 1237
Location: ALASKA
105.97 Dollars($)
|
| Posted: Mon Jan 15, 2007 1:54 am Post subject: |
|
|
If the divorce decree states that the person has a right on the property and if the deed still has his name on it, then that person will still be able to exercise his rights on property.
_________________
Procrastination is the enemy of your financial sucess |
|
|
Therese
Guest
0.10 Dollars($)
|
| Posted: Mon Jan 15, 2007 3:43 pm Post subject: Divorce |
|
|
Hi. My husband and I are goig trough a divorce. I 'm going to take over the house by buying him out. If we do the quick claim deed, can I then just take over the morgage , or do I have to refinance?
Thank you for any help. |
|
|
blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
134.99 Dollars($)
|
| Posted: Mon Jan 15, 2007 3:56 pm Post subject: |
|
|
Hi Therese,
Welcome to Mortgagefit discussion board.
Taking over the mortgage from your husband is possible through a process known as novation but the lender is required to approve and allow it. Most often they do not agree on it as with novation the mortgage rate remains the same even if the current market rates are higher than the ones which are for the present mortgage.
If the lender does not allow novation, then you will have to get the mortgage refinanced in your name. One more thing I should tell you as you might not be aware of, is that quit claim deed will only transfer the property in your name but it will not have any affect on the mortgage, both of you will remain liable for making payments until it is refinanced or a novation done.
Let me know if you have any further questions.
Thanks
Blue
_________________
Lets help each other. Try my blog |
|
|
woods
Guest
0.10 Dollars($)
|
| Posted: Mon Jan 15, 2007 11:08 pm Post subject: quit claim deed |
|
|
| If me and my mom and two sisters are on a quit claim deed and my mom and one sister sign a quit claim deed to me on the same property does that give 3/4 ownership of the property if the other sister does not sign it over to me ? |
|
|
sara
Joined: 05 Jul 2006
Posts: 955
Location: New Brunswick, New Jersey
182.56 Dollars($)
|
| Posted: Mon Jan 15, 2007 11:09 pm Post subject: |
|
|
Therese, you need to go for a refinancing of the existing loan. Merely by doing a quit claim, you cannot take over the loan. It will only help you to take over the property.
Check out the rates of interest prevailing currently. If you wish to benefit from the refinance, a 1.5-2% lower rate compared to the current rate is preferable.
Thanks,
Sara |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 879
Location: nevada
103.71 Dollars($)
|
| Posted: Mon Jan 15, 2007 11:22 pm Post subject: |
|
|
Hi Woods,
Welcome here.
You are all owners of the same property but the interest occupied by each of you is currently 1/4th part of property. Now, if your mom and sister quit claims their shares of interest to you, then you will be getting 3/4th part of property as interest. This means that if the property is sold, you will get 3/4th part of the sale proceeds.
Thanks,
James. |
|
|
WOODS
Guest
0.10 Dollars($)
|
| Posted: Tue Jan 16, 2007 12:18 am Post subject: quit calim deed |
|
|
| thanks jameshogg ... But if i didn't sell the property would i be able to contorl more of what goes on with the property than my sister . Are you sure about 3/4TH owner on a quit cailm deed that way ? |
|
|
Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Next 
