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Posted: Fri Nov 28, 2008 6:31 pm Post subject: do i own this house

i recieved a quit clain deed it states in these words ,quit claim to me a life estate ,remainder to me and 6 of my sisters and one brother. do i own this house or no is it only while i am alive,can i sell it ,mortage it without there permission confussed any help please

jheard · Posted: Sat Nov 29, 2008 8:36 am Post subject:

You have a life estate. You can sell it or mortgage it, but you can only transfer what you have, ie a life estate. It is doubtful anyone will buy or loan against it. Since you also have a remainder, your heirs also have 1/7 of the house.

Posted: Sat Nov 29, 2008 2:07 pm Post subject: reply

what if i did obtain a mortgage on this property without there concent where would the mortgage stand as far as collecting on this loan

carlpruitt · Posted: Sun Nov 30, 2008 1:26 am Post subject:

First, a quitclaim deed is not the best type of deed for receiving title of any sort to a property. A quitclaim deed does not offer you any warranties that the grantor had any rights to deed the property to you in the first place!

Although it is technically legally possible for you to get a mortgage based on a life estate, it is very likely that no legitimate lender would be willing to lend you money under that scenario.

You do have the right to sell your life estate, unless a restriction has been written into the deed.

jerry · Posted: Mon Dec 01, 2008 3:08 am Post subject:

Hi Guest,

I agree with Carl Pruitt. If the lenders come to know that you do not own the property and only have a life estate, they will not be ready to give you loans. It is better not to take a loan on such a property.

Thanks,

Jerry

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