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shan mississippi
Guest
0.10 Dollars($)
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 Posted: Wed Aug 06, 2008 6:45 am Post subject: quit claim/life estate |
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| My mom passed away in 2006 and deed was in her name only, not including my step-father. Went thru probate and did deed in his name, mine and my brothers. Life Estate deed was filed too. He is now moving out of state and doesn't feel he is responsible for any expenses on the house ie mortgage.taxes, etc. I was told that the only way for him to not be responsible was to quit claim the house to us. Is this correct? |
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 jheard
Moderator
Joined: 12 Dec 2007
Posts: 432
Location: Houston, TX
75.03 Dollars($)
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| Posted: Wed Aug 06, 2008 8:39 am Post subject: |
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Yes. A life estate holder has a duty to "remainder" holders not to "waste" the property, which means maintaining the property and paying all taxes.
One way to relieve that duty is to quitclaim his interest to the "remaindermen" who then own the property completely.
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This is not legal advice and I am not your lawyer. This information is provided for discussion purposes only in this forum. State and local laws may vary. Consult with a local attorney to see how your laws may apply to your specific situation. |
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Niicss
Joined: 03 Oct 2005
Posts: 1245
Location: New Jersey
186.06 Dollars($)
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| Posted: Thu Aug 07, 2008 6:27 am Post subject: |
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Welcome shan.
Agree with jheard that your step-father can quitclaim the property to you but if he is on the mortgage too then you will have to refinance the mortgage on your name to release him from the mortgage liabilities. How good is your credit? Will you afford the monthly payments?
Let me know if you have any further queries.
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Good is the Enemy of Great. |
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shan mississippi
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0.10 Dollars($)
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| Posted: Fri Aug 08, 2008 6:16 am Post subject: quit claim/life estate |
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| Thank you both for your help. I was told that by him having the life estate that he retains no financial interest in the property, only the debt. We wanted to pay off the remainder of the mortgage relieving him of all expenses on the property but I think he thought that if the home was sold he gets a quarter of the sale. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Wed Aug 13, 2008 6:28 am Post subject: |
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Hi shan. Welcome back.
If he quitclaims the property, then he will not get anything. But if the property is sold before the quitclaim is filed then he can claim his share of the home equity.
Best of luck,
Larry |
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kim223
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0.10 Dollars($)
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| Posted: Sun Sep 07, 2008 8:30 am Post subject: life estate |
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| My father has a life estate in a home my husband and I own. Dad moved out (without telling us) and does not pay for any part of the house. The arrangement was done legally that we pay all amintenance and taxes and he pays the mortgage, which is in his name. We have paid it for the past two months, afraid of foreclosure, but what else can we do? Long story, he has dementia and does not speak to us anymore. We don't want to lose the house as we have way too much invested. Can someone for forced to quit claim? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1532
Location: MASSACHUSETTS
135.74 Dollars($)
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| Posted: Mon Sep 08, 2008 5:32 am Post subject: |
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Hi kim,
I don't think he is in a state of mind such that he can sign on the quitclaim deed. But it won't be legal and ethical if you force someone to sign on a deed. After all he's your dad. What i think is, you should consult an attorney on the legal aspects of this situation and then if possible refinance the loan in your name while at the same time getting the ownership rights. Does he have a Will by the way?
may god bless your father
Samantha
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