 daltonsjr
Joined: 22 Jul 2008
Posts: 13
8.34 Dollars($)
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 Posted: Tue Jul 22, 2008 7:06 pm Post subject: Additional info on Quit Claim Question! |
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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 |
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