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larry
Joined: 27 Jun 2007
Posts: 3328
474.65 Dollars($)
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Hi Pat,
Your daughter can get back the house in her name by using a quitclaim deed. In the deed, your son will sign as the grantor and will give away the ownership to your daughter, the grantee. |
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mjhproteus
Joined: 29 Sep 2007
Posts: 2
1.71 Dollars($)
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Post subject: Ouick Claim Deed |
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| What does unqualified sale mean when it pertains to a quick claim deed? |
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Ryan
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0.10 Dollars($)
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Post subject: |
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| Unqualified sale is that type of sale which does not reflect the market value of the property. |
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Marie Jones
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0.10 Dollars($)
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Post subject: Quick claim investor |
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I am in the process of trying to purchase a home. This a foreclosure that was appraised at 199k, but the asking price is !70K. My lender told me that I was unable to get FHA lending but she found me an investor. The investor will get the house in his name. I will pay the down payment of 10 percent. Plus, the investor is charging me $1500 per month. Up front, he wants another 3 months of payments put in escow. My lender told me that once he purchases the house, he is quick claming the house to me, and that I will refinance with 6 months.
Is this too much for the investor to ask? Can the investor sell he house from out under me. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
267.08 Dollars($)
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Post subject: RE: buying foreclosed property |
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Hi Marie,
It's good to hear that you are about to purchase your home. But if you are unable to get FHA loan, why don't you try out with other options? There are plenty of loan programs available in the market. Have you shopped around with some of the lenders? And, did your lender tell you why you were denied for the loan?
I'm not sure as to whether the investor is chraging the right amount of cash from you. Moreover, it is not easy to refinance within 6 months. I personally feel you shouldn't get into this deal. Just look out for other options.
Good luck
_________________
Mortgage Shopping made easy with booklet |
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JLV
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0.10 Dollars($)
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Post subject: Quit claim Deed |
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| My husband and I could not qualify for a loan on a vacation home that we wanted because we are self employed and show very little income. So my mother in law got the loan in her name and we make the payments. She gave us a quit claim deed and we have not filed it with the county yet. I'm wondering if we should file it with the county or is it good enough for now that we just have it? Does a quit claim expire? If we do file it with the county now, will we have to qualify for a new loan? Can we still file the quit claim if my mother in law passes away? Any information would be helpful. Thanks. |
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Michel
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Hi,
A quit claim is not valid if it is not recorded at the county office.
Signing a quit claim does not transfer any financial responsibilities. So the loan will still remain in your mother-in-law's name. In that case you will have to refinance the loan in your name.
You should talk to the lender before any such transfer of ownership. |
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Rosetta
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0.10 Dollars($)
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Hi JLV,
If the quit claim is notarized and still then not recorded you may have problem in recording it later, specially, after your mother in law passes away.
I think you will have to qualify for refinancing the mortgage. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.65 Dollars($)
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Post subject: |
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Hi JLV,
A quitclaim deed does not expire but if you have not notarized or recorded it in the county recorder office, it is not a valid deed and you will have to face problem if your mother-in-law passes away.
Thanks,
Larry |
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Carla
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I bought a house some years ago but my credit an my husband credit is bad and my father in law bought it under his name but we made the monthly mortgage payments and we pay the taxes at the end of the year, I would like to know if we could make a quit claim in order to deduct the taxes from our income tax. Also I want to know if we want to refinance our credit would affect the interest rate that my father in law could obtain or he could not refinance the house under his name.
Carla |
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jenkin7
Joined: 04 Jun 2007
Posts: 4540
Location: Hawaii
728.42 Dollars($)
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Hello Carla,
The quit claim will only transfer the ownership of the property and not any financial responsibility.
In order to get tax benefits, the mortgage has to be in your name otherwise this is not possible.
What is your credit score? Your credit score is definitely a factor affecting the interest rate, if you want to refinance the loan in your name. |
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Poonam
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Post subject: Buying a business |
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Hi there! My husband and I are about to close Escrow on a business and I was not there the day we opened keeping me from being on business name. If we add my name now, it's an extra 21 days in Escrow which we don't want. Is it as easy as doing a quitclaim deed to get my name on it, does this give me 50% ownership, and building credit on the business?
Who can do this paperwork for us, can we do it the day we close escrow in 5 days?
Thank you! |
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adonis
Joined: 22 Oct 2005
Posts: 6174
Location: ALASKA
468.92 Dollars($)
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Post subject: |
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Welcome Poonam
If it's a business property, then you can use a quitclaim deed. And for that you have to consult an attorney as he will be the one drafting the deed that is accepted by your state.
_________________
Procrastination is the enemy of your financial success |
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New cottage owner
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Post subject: Quit Claim deed from the state |
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I recently took part in a county auction in Michigan for a property that the state took over due to the previous owner not paying taxes. According to State Statutes all prior liens are cancelled by Circuit Court Order. Is there any way the previus owner could some how get this property back? Also can I do anything more to make the Quit Claim Deed a regular property Deed, or is that not necessary?
Thanks! |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
267.08 Dollars($)
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Post subject: RE: quitclaim property having no liens |
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Hi Guest,
Welcome to our forums.
Congratulations for having a new home!
Well, as much as I understand, if the owner has signed on a quitclaim deed stating he's transferring his interest in property over to you, then that's ok.
The only thing now you need to do is, record the deed at the County Recorder's office if it has been notarized already. And, if you have a copy of the Circuit court order stating that there no liens on the property, then that's good enough.
A quitclaim deed is a regular property deed, so you need not do anything else about it.
Good luck and if you have further queries, please feel free to ask the community.
_________________
Mortgage Shopping made easy with booklet |
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