Quit Claim Deed in Vermont

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My father recently passed away. A few years ago he signed a quit claim deed to his giving it to my brother and I. Unfortunately, he only built the house about 10 years ago and has a mortgage on the house. My brother adn I know the estate has to pay the mortgage and in order to so we have to sell the house. With the filed quit claim deed, can we just list the house or do we need to get permission from the bank? Can we sell the house with just the quit claim deed in hand or is there some other paperwork we must do first? Someone has already expressed interest in the house we just don't know if we are free and clear to sell it, he has only been gone a few weeks. Please help -

raymond · Posted: Tue Nov 03, 2009 5:22 pm Post subject:

You're on Title so the two of your own the house. You can contact the mortgage company and ask if you can assume the loan, or you can continue to make the payments and nothing else will happen. But if you decide not to contact them, don't miss any mortgage payments, because then the Lender will notice Title has changed, and they can call the loan due and payable.

If you decide to sell the house, you don't have to do anything special. You're both on Title and own the home, so you can do whatever you want with it. The Lender will get paid from the loan proceeds, ending the Mortgage Note, and you and your Brother will receive the rest of the cash. Actually, this is the course of action the Lender would you to take, because it's the cleanest way to resolve the Note.

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