Additional info on Quit Claim Question!

daltonsjr · Joined: 22 Jul 2008 Posts: 4 3.02 Dollars($)

Hello-

Years ago my father put all 5 children's names QUIT DEEDED on 4 separate properties(NYC)

We are in the process of dividing up the shares and plan to sell or put individual names on properties.

My question-

If 4 properties have 5 siblings names on each property and the father is still alive, can a sibling add on another name to one or all of the deeds without the other siblings on the deeds approval. (such as a spouse or a child)

Another name would"muddy the waters" so to speak since there are already 5 names and 4 properties.

I also wanted to add taht all but one of the properties is paid off. One mortgage is remaining and -- is there a big capital gains difference with gifting or "Sold to the Children"-no money changed hands. And who is responsible for insurance and taxes.

Thank you so much for your reply

Kate

Niicss · Posted: Wed Jul 23, 2008 3:27 am Post subject:

Hello daltonsjr.

I have answered your query at http://www.mortgagefit.com/quitclaim/add-sibling.html. Please have a look at it and Let me know if you have any further queries.

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