Quit Deed

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hnika11

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Post Posted: Mon Oct 04, 2010 4:09 pm    Post subject: Quit Deed
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My niece is going through a divorce. They both do not want the house anymore and wants to do a quit deed with me and my husband. We will sign and get notarized. The papers will be submitted to the Clerk of Court with the county. My niece still has a mortgage on the house. I read a little bit in the forum and understand the interest will be transfer. I need a more clarification on the interest being transfered and will my husband and I have rights to sell the house later without my niece.
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Icon Mini Profile smithsussane
smith.sussane




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Post Posted: Mon Oct 04, 2010 9:04 pm    Post subject:
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Hi hnika!

Welcome to forums!

As the property will be transferred in your name, you and your husband will be able to sell off the property without your niece. You've mentioned that your niece has a mortgage on the property. In such a situation, when the property transfer takes place, you'll have to refinance the mortgage in your name.

Feel free to ask if you've further queries.

Sussane
hnika11

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Post Posted: Tue Oct 05, 2010 8:26 am    Post subject: Quit Deed Response
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Hi Sussane!
Thanks for your response and time. So your saying "after the quit deed is done to transfer interest, we will have to get the mortgage part (loan) transfered or refinance in our name also from my niece before we can sell the house later"? Right? Is there a name of this second process?

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Icon Mini Profile jameshogg
jameshogg




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Post Posted: Wed Oct 06, 2010 12:14 am    Post subject:
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Hi hnika,

You can sell off the home though your niece is on the mortgage provided your name is mentioned on the property deed. However, after the sale of the property, the loan on the property should be paid off immediately.

Thanks
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