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Quitclaim Deed: A Document that transfers property-interest

A quitclaim deed is a legal document that transfers your interest to another individual in the property such as
  • House - A building for human habitation
  • Land - A place which can be used for habitation, investment or any other purpose
  • Mobile home - A movable house that is parked in a place

Two parties are there in a quitclaim deed process – grantor and grantee. Grantor is the party that transfers the property and the grantee is the party that gets the property. In a quitclaim deed, no promises are made by the grantor that the property is lien-free. Before opting for this deed, it is advised that the grantor should consult an attorney and know about the possible consequences of such property transfer.
To help you get a clear idea of what a quitclaim deed (often misspelled as quick claim deeds or quit claim deeds) is, the whole information is divided into different sections:


When to use quitclaim deed

A quitclaim deed is commonly used in the following situations:
  1. In a divorce, when an ex-spouse transfers ownership of the property to the other.
  2. A spouse may add other spouse's name to the property title after marriage only by issuing the spouse a deed.
  3. At the time of purchasing a property, ownership is transferred from the seller to the buyer. For such transfer, parties involved may use a quitclaim, general warranty, or special warranty deed.
  4. Sometimes, previous owner of the property may retain some ownership interest in the property. This interest can be transferred to the new owner with the help of a quitclaim deed.
  5. A person planning a will or a living trust can use the document to transfer ownership of the property into a trust or the person they want to inherit the property.
  6. Parents willing to transfer the ownership in a property to a child or a relative before the property gets stuck in a probate.


6 Steps to follow in a quit claim deed

Preparing a quitclaim deed is very easy. Here are some quick steps to do so.
  1. First of all, obtain a quit claim deed form. You can get the form online. You can also obtain it from the office of the local county recorder.
  2. Fill in the names of the grantor and the grantee. If possible address of both the parties has to be filled in.
  3. Signature of the grantor should be there in the form. In some states, signatures of both the grantor and the grantee are required.
  4. A public notary should verify the signature of the grantor. Generally, the grantor has to sign the deed in front of a public notary.
  5. A legal description of the property is a must. This is because of the fact that without the legal description, deed can’t be recorded in the recorder’s office.
  6. In order to make the deed valid, it should be recorded in the recorder’s office.


Life estates and quitclaim deeds

Even after transferring a property through quitclaim, you can have the right to stay there till your death. This is possible only if you retain a life estate for yourself. A life estate is a kind of estate where you retain interest in the property for your lifetime, and specifically name the person to whom the property is to go to immediately after your death.


Reverse/undo quitclaim

Once you have signed a quitclaim, the only way to get the property back is to have the grantee quitclaim it back to you or prove the transfer was invalid. If you can prove that you signed the deed under threat, external pressure, or the grantee made you sign by telling you false information, then you can have the quitclaim deed invalidated. For invalidating a deed, consult an attorney in your state. Learn more...
This legal document is a good way to transfer property if you are transferring it between family. The best way to transfer property to or from someone who is not family is to use a general or special warranty deed which gives the buyer warranties as well as transfers property.
Related Readings
Related Forum Discussions
Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, can u pls advice. My mom is thinking of looking into a quick claim deed for her property. I have 2 children and I wonder if she proceeds with it, shall I and my children have to pay for the annual property taxes?

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Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Elisa
Welcome to MortgageFit forum.

Through a quitclaim deed your mother can sign over the ownership and financial interest she holds in the property to whoever is named on the deed.

In case you and your children receive the property through the deed, then as long as the deed is prepared correctly and filed, you and your children will be financially responsible for the property. This implies that you will have to pay the annual property tax and may be also the mortgage payment, homeowner's insurance premium and maintenance costs of the property.

Hope this will guide you.

Regards,
Jessica.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband and I have decided to buy a home for our son to stay there. He will be making the monthly payment. now that we don't want to use this home for any tax gains, can we sign a quit claim property deed over to him so that we don't have to pay taxes on the home when he chooses to sell it? I know our son cannot get a loan on his own but we don't want to co-sign and still be responsible for the payments? Also, can anyone help me with a free quit claim deed form?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

If you ask me about signing the deed, my suggestion would be big NO.

Your son doesn't have sufficient funds or credit to carry out the purchase independently. You bought the property in your name and if you sign the quit claim deed then the title is getting changed and lender will demand the repayment of loan immediately as the lender gave the loan to you not to your son. The reason behind the lender asking for the full repayment is that the loan was given to you, not your son and you have the better credit not your son.

But if you pay off your mortgage and then sign the property to your son with quit claim deed then it is taxable. You have to pay the tax in this regard.

I would suggest you to pay off your mortgage and then sell your property to your son at a fair market price and take back financing. You can also gift this property to your son and forgive some amount a year in debt. This will allow your son to hold the property free and absolutely clear. This will avoid gift and estate tax problems. Kindly consult a income tax quit claim deed professional for further assistance on tax issues.

If you can't pay off the loan, then try to work with your son each month to assure that all bills are fully paid in a timely manner. This will improve his credit status so that in the future he will qualify to finance the property on his own.

If you want to get a quit claim deed form free of cost, you can check out the given page: http://www.mortgagefit.com/predeal/quitclaim-stateforms.html . You will find a number of sample deed forms here. While you use them, make sure you contact an attorney in order to check out if the deed form suits your purpose.

Niicss

[color=red:471d33ac39][size=9:471d33ac39][Edited by Jessica, made minor changes. Thanks.][/size:471d33ac39][/color:471d33ac39]

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Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Niicss,

I do agree with your reply. Great advice!!

Thanks,
Jessica.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

My fiance lost his job and we were struggling to pay our mortgage (new mortgage, at that). His dad convinced us to sign a Quickclaim Deed to him (he found someone to rent our house, and we rent from him since it's about half the mortgage.) That was about 3 months ago. Now even though his tenants are paying rent in our house, and our agreement was that he would pay the mortgage each month, he hasn't paid. My mortgage is now as far behind as it was before we moved out. We now have the finances to move back in our home (and I would like to move back just to sever all ties with his dad). Does he have any claim to our house since I signed the deed? I didn't really understand why he wanted me to sign in the first place, but I was between a rock and a hard place. I didn't even know what is a quit claim deed or how does a quit claim deed work? My fiance gave me some idea about what does a quit claim deed do. Anyway, what are my options now? We live in Georgia.

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Christene,

I feel really sad about your situation. It is really a sensitive issue. I hope somehow you and fiancee can convince your fiancee's father and settle the issue between yourselves.

The only option is if you and your fiancee were co-owner to the title and if only you have signed then only your claims gets transferred, whereas your fiancee still has claim over the property. So, in that case your fiancee can claim for it.

If the case is otherwise then try to convince him so that he helps you out. It's really unfortunate to see such a betrayal.

I would also suggest you to consult an attorney to find out some alternative.

Don't lose heart. Hopefully you will come out of this difficult situation with courage and patience.

Regards,
Blue

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Christene,

Welcome to MortgageFit Forums.

Since you have signed in the deed so, he has claim now over the title and he has transfer it again in your name.

But be patient, and don't lose your hope. Try to convince him time and again. May be he will agree to your fiancee's request.

Also, consult an attorney to find out any more ways. I really believe that you will come out of this adverse situation.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!
My husband purchased a home prior to our marriage, and after married he completed a Quitclaim deed to add my name to the home. If something were to happen to our marriage, am I entitled to 1/2 the house I have been paying into through our loan? We live in Ohio.

Thanks!

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to MortgageFit Forums.

Since your name has been added, so you are entitled to get the share. This is not going to be influenced by any break ups.

So, be assured to get half of the share in case of any seperation as far as your name is on the deed.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was divorced 5 years ago and house was given to me by the divorce court, in order to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the house i have to do a quit claim deed , but my ex wife will not sign it, what is the legal thing to do.

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blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jose,

I think it would have been better if you would have gone immdiately for a refinance after your divorce.

Nevertheless, you consult your local attorney to try and find a possibleway out.

Wish you best of luck.

Regards,
Blue

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jose,

Welcome to MortgageFit Forums.

Blue has mentioned it correctly, that these things should have been taken care of immediately after divorce, better at the time of divorce.

However, do not lose hope. Consult your divorce attorney or any other to find a solution.

It is always better if you can convince your ex-wife and settle the matter somehow off the court.

Take your attorney's advice and follow his suggestions.

Feel free to ask if you have any more queries. I certainly feel your worry and. Don't get worried too much, just stay cool and try for a solution.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My ex and I are co-owners of the property she resides in. I would like to sell her my equity in the property. Is the quit claim deed the avenue to take. We are both co-signers on the properties mortgage. She is will to buy my equity, but is unable to refinance in her own name at this time.

What to do?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Yes John Quit Claim Deed is the right avenue to take if you want to tranfer your share of the property to your ex.

Regarding unable to refinance at this point of time I think you should consult an attorney.

Thanks,
Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My dad has been placed in a nursing home, he is a diabetic and has had to have his 1/2 his leg taken off, his eye sight is gone, he is having kidneys to fail, the home-place where i grew up is not paid for,my dad has asked me a few times, if i would take over the payments on the place so we wouldn't lose the home-place, i have no issue with making the payments, i do have a couple of questions....
the bank tells me dad cant add my name to the deed, as my dad wants to do, is this true?
also,my dad has been in nursing home round 7 months and knows he cant' go back home, he lived by his self to begin with, i live a couple hrs from him.
will a quitclaim be of any help in this situation? do i need to search out legal services?
who would i contact about this stuff, i dont want to see the home-place lost, or the state to have any say so in it. I have 2 sisters they both would like to see my name go on something insuring the home-place would remain in the family, please can you help me, i need some info on this matter pretty quick, thank you for your time.

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Sad to hear about your dad. I think you can do it with the help of Quit Claim Deed.

You may take help of your attorney if banks are not allowing this.

Thanks,
Jerry

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Jessica's picture
Jessica | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Sondra,

Heard about your dad's critical situation. It is indeed sad to hear about his sufferings. But lets have faith in God. Let us pray to the almighty so that your dad gets some relief from this situation.

As far as keeping the home with you is concerned, I would say that you can do so with the help of a quit claim deed. Through this quit claim deed, your dad can transfer his interest in the property on your name.

In this case you will have to take the responsibility of making the payments on your home. But then you can atleast keep the home with yourself. This will also give your dad some sort of satisfaction that he has been able to save his home from being taken by the bank.

A quit claim deed is usually signed in front of the notary public services, which in most cases are the banks. You say that the bank stated that your name cannot be added to the deed. In that case you should immediately consult a real estate attorney so that he can contact the bank and explain your situation.

Hope that I could help you. May god help you to overcome this traumatic situation.

Regards,
Jessica.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I own our home together, but during a separation, he forced me to sign a Quitclaim Deed, deeding the house to only him. We are now going forward with a Divorce Complaint. I was afraid of what the Quitclaim Deed would mean during division of our assets so I took it back from him. He is now asking for it back and giving me a dollar figure that he is willing to offer me ($5,000), but the equity in our house is more than $50,000. What would giving the Quitclaim Deed back to him mean in a settlement when the house is sold? Thanks for any advice you can give me.

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Pamela,

Welcome to MortgageFit Forums.

I am glad to see the boldness in you. You have done absolutely right in taking back the deed.

Through a quit claim deed you are going to lose your title share for the house and it is going to be the sole property of your husband.

I feel he wants to cheat you by offering a mere $5000 for the house when you are saying that the equity is more than $50,000.

So, I would advice you not to sign the deed again considering your safety and security.

Feel free to ask anything more you want. I shall be happy to support you.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Pamela,

I too feel you should not give back the deed to your husband. This will debar you from getting anything when the house is sold.

James Hogg

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm confused between a Quit Claim Deed and a [url=http://www.mortgagefit.com/know-how/novation-mtg.html]Novation[/url].

Let say a couple is getting divorced and both of them are listed as owners of the property. Let say the husband wants to pass entire ownership of property to his wife using a Quit Claim Deed.

The Quit Claim Deed is for passing ownership or rights of the propert to someone else.

But what happens to the mortgage, who is responsible for paying the debt? A Quit Claim Deed will free you out of the mortgage? Or do you need to do a Novation?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Obviously, on whom the loan is who is going to pay off the mortgage.

See, Novation is the substitution of new against the old contract.

You can go for novation also, it will allow to take the full loan on your name(husband).

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Like to add few more things, as in some rare occurance, loan providers or creditors may agree to a novation which removes the name of one person as an obligated party on a debt.

Thanks

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

Welcome to MortgageFit Forums.

If you want to transfer the mortgage along with the property rights then only quit claim deed will not be sufficient.

Quit claim deed is solely for transferring ownership rights of the property and it has nothing to do with the mortgage.

Lenders only will recognize the original borrower as his name appears on the loan papers.

For transferring the mortgage along with the property rights you need Novation.

Novation is the process to transfer the liability of a loan from the original borrower to a new borrower under lender's approval.

But to be on the safe side you should process the Novation formality first as in case of a divorce if you sign the quit claim deed and then your ex-partner does not agree to get the loan transferred in his/her name, then you will continue to be responsible for the mortgage.

Hope this information will help.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if you sign a quit claim deed, are you still responsible for the mortgage that was on it or are you signing the house over to someone else?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i now see the difference-------------do not sign a quit claim deed without signing a novation or they can still try to stick you with the mortgage.

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kim,

Welcome to MortgageFit Forums.

Yes you are absolutely correct. You should go through the Novation formalities before you sign a quit claim deed.

This will enable you to get rid of the mortgage and you can stay relieved if you do not wish to pay after you hand over the deed.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My exhusband wants to get a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] to pay me out of the house. Our divorce is less than one year now. The property was to be sold in six months and monies divided. HE NOW WANTS TO KEEP THE HOUSE. He says I have to sign papers at closing. What is it I have to sign? I do not want any financial responsibility to repay this loan. My name is only on the deed.

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Callene,

Welcome to MortgageFit Forums.

No need to be afraid in this case. If you don't want to get involved none can force you.

Your name on the deed will not make you responsible for any loan unless your name is on the loan papers.

So, I shall advise you not to sign and register your name in the mortgage since you don't want it.

Talk to your husband and explain him that you don't want any loan in your name and I think he will understand as he can not force you under this situation.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Iwant to be paid out of the house.Can my husband still get the loan without my signing at closing?

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Callene,

Welcome again.

Your husband may take a loan against his portion.

Another option is that your husband can pay you off your part and take the title in his name. In that case he can keep the house and take mortgage on it.

In either case you need not bother about getting involved in the mortgage. It can be also sorted out through understanding between two of you but involve your attorney in whatever you do to be assured.

God bless you.

For MortgageFit
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If he can get the mortgage without my signing.Will the deed with my name on it be subject to the lien? What if my ex default on loan? Will my credit be affected?

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Callene,

In no circumstances you will be affected if your name is directly not on the loan. You are not responsible for any loan because of your name in the deed.

So be assured that your credit will not be affected under any situation including default of your ex husband on the loan.

Feel free to post if you have any more query. We shall be happy to help you.

God bless you.

For Mortgagefit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I Thank You and God Bless You. The information is very helpful.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi there. I have read most of the correspondence here and I just wanted to ask my question regarding my specific situation. I was divorced recently and my ex-husband was ordered to pay me 1/2 of the equity value in the home we shared. My name is on the loan and I am concerned that if I sign this Quit Claim Deed and for some reason down the road the home is foreclosed on, I will be responsible to pay half of the loan. He is not able to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] in his name only, however is taking a second ([url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url]) out on the home. Also, if my name is not taken off of the loan, does that effect my debt to income ratio once I go to purchase a home?

Any info would be appreciated. Thanks

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi tammy,

Welcome to MortgageFit Forums.

Your name in the loan will remain as it is even after the quit claim deed. A quit claim deed does not affect your name on the mortgage.

So, you will be held responsible for the loan in case the loan papers have your name.

Since your name exists on the loan, so it will reflect in the debt to income ratio definitely.

You can discuss with your ex-husband and pay off your part through him to take off your name from the loan.

But in the process always consult an attorney and make sure that you are no longer responsible for the mortgage after the settlement.

God bless you.

for MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My father-in-law has informed my wife and I that we need to sign a Quit Claim because he put our names on the house (unknown to us). He has now sold the house and he needs us to sign the form. Is there any tax issues that may affect us??

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi John,

Welcome to MortgageFit Forums.

I think you should talk to your father-in law regarding the tax involvement on the issue. As the IRS may find it as a gift to your father-in-law and you may have to face gift taxes.

I shall advise to consult an attorney on the matter to ensure that you don't face any tax problem dut to this.

God bless you.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband was married before. He got the divorce and it stated that his
x, get property refinanced in her name, then my husband would sign over
the property. Years have passed and she did not comply with the divorce
and get refinanced. She now wants my husband to sign it over. if there are
bills connected with property , would he have to pay. We just don't trust her.

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Samm,

Welcome to MortgageFit Forums.

I can understand your worries. You have indeed made a right suspect of the problem.

I feel that your husband should have insisted to get it refinanced in her name at the time of divorce itself to come out clean.

Do advise your husband to refrain from signing a deed. That will transfer the property in his ex's name but your husband will remain liable to the mortgage associated with it.

Instead your husband should ask her to get the property refinanced in her name and then only he can sign the deed.

It is a crucial issue and that is why staying beside him is important so that he can get your valuable advice.

Feel free to ask any more doubts if you have.

God bless you two.

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

This is kind of a complicated question. My mother owns her home outright. Several years ago she was diagnosed with Alzheimers. Prior to her illness, she drew up a Living Trust in which my brother, sister and myself would have durable power of attorney over her legal, financial, and medical matters. She also stated in the document that, upon her passing, my siblings and I would each receive an equal share of the house and would determine together its disposition. A couple of years ago, we had to take out a reverse mortgage on Mom's house in order to help pay for her home aide care. My sister's eldest son has been living in Mom's house rent free and has been helping take care of her (nights, wekends) for about 3 years. However, due to many unpleasant factors, we've had to ask him to leave the house. Here's the question: should my sister, who has health issues of her own, have her son sign a quit claim, just in case she passes before our mother and her interest in mom's home goes to my nephew (and his brother, who lives out of state). He was recently married, and quite frankly we don't trust his wife (one of the reasons he was asked to leave)

Thank you!

Judy

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Tkhicks's picture
Tkhicks | Joined: December 19, 2005 12:17 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I am recently married and am purchasing a new home but the mortgage is only in my name. We understand that the title will have both of our names. My husband pays child support monthly but has an arrears from when he wasnt working. Can we do a quit claim so that the property is solely mine and no liens are able to be issued against it?

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Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Judy,

Welcome to MortgageFit Forums.

This is indeed a complicated situation with all the family members involved. If you don't want your nephew to own a pert of it, then it might be an appropriate decision to get him sign a quit claim and transfer the rights to some other's name.

But I have serious doubts whether your nephew will agree to that. If you can manage to have him paid of his portion then I think he may agree.

I shall suggest talking to your sister regarding the matter as it is a sensitive issue involving his son. Her acknowledgement is very much required.

God bless you.

For MortgageFit,
Samantha

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Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tkhicks,

I think I have answered you here.

If you have any more doubts feel free to post here.

Wish you merry Christmas and happy New Year in your new home. :)

God bless you.

For MortgageFit,
Samantha

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have lived in a house which had to be purchased as a 2nd mortgage by my parents. I have been here paying the mortgage for 2 1\2 years but I am not on the deed. When we go to sell it my parents would have to pay capital gains taxes on it. Is there a way around this? I was told that if we get my name on the deed and can show them that I have been paying then we would not have to pay capital gains. thanks for any help

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Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Eric,

Welcome to MortgageFit Forums.

Under the 1997 tax reform introduced by the federal government, if your parents add you in the title of the house, and if you live and own that house for 2 out 5 previous years before it is sold, you are eligible for an exemption of $250,000 as capital gains tax. In other words, capital gains up to $250,000 ($500,000 if you are married and file a joint tax return) is tax free.

It will be better if you consult a tax advisor.

God Bless You,

For MortgageFit,
Samantha

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my aunt is buying a house but putting it my mom's name (because my mom has better credit). she wants my mon to sign a quit claim deed. how does this affect my mom? my mom agreed to put the mortgage in her name but she told my aunt that if there are any problems with payments or anything that is damaging to her credit she would sell the house or return it to the back. does signing a quit claim deed change this?

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jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi rd,

I have answered a similar query in another section on quit claim deed . You can have a look in there.

You can freely ask any more doubts that you have.

James

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pcastillo | Joined: December 22, 2005 08:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how about if she signs the quit claim deed and a [url=http://www.mortgagefit.com/know-how/novation-mtg.html]novation[/url]?

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