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mackenzie
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0.10 Dollars($)
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 Posted: Sun Aug 19, 2007 3:17 pm Post subject: quitclaim deed vs. warrany/special deed |
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| my grandfather is terminally ill and has a lot of unpaid medical bills. my father's name is currently on the deed to my grandfather's property. my dad wants to take his name off of my grandfather's deed--in fear of being stuck with my grandfather's debt after he passes. my dad was planning on doing a quitclaim deed...however, is a warranty deed better? my dad has no interest in my grandfather's property whatsoever. what are your thoughts? Thanks! |
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larry
Joined: 27 Jun 2007
Posts: 3245
460.30 Dollars($)
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| Posted: Sun Aug 19, 2007 11:39 pm Post subject: |
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Hi Mackenzie,
It seems that you have already asked a similar question earlier in the forum. I have replied to you there. To view what I have suggested, please refer to: http://www.mortgagefit.com/quitclaimdeed/warranty.html |
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pete
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0.10 Dollars($)
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| Posted: Tue Aug 21, 2007 8:08 pm Post subject: quit claim |
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| I'm selling my house to my cousin for financial reasons, but I would like to purchase it back from him within six months. Would a quit claim be the way to go to get my name back on the title? |
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larry
Joined: 27 Jun 2007
Posts: 3245
460.30 Dollars($)
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| Posted: Wed Aug 22, 2007 12:55 am Post subject: |
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Hi Pete,
Welcome to the forum.
You can use both a quitclaim deed or a warranty deed to get your name on the title. But when you wish to purchase the house after 6 months, it will be better if you use the warranty deed as it warrants that the person transferring the property is the legal owner of the property before the transfer. You don't get such assurance with a quit claim deed. But for transferring property rights through a warranty deed, the proeprty should be clear off any lien on it. To know more on why a warranty deed is better than a quitclaim deed, you may refer to: http://www.mortgagefit.com/quitclaimdeed/land-purchase.html |
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guest
Guest
0.10 Dollars($)
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| Posted: Sun Sep 16, 2007 10:35 pm Post subject: ownership |
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Hi Everyone,
Wow, this is a wonderful forum!! I like it. There's so much great information to read. I have a few questions.
My cousin had a Grant Deed in her name (a single woman). In February, she quitclaimed the deed to my mom. However, the mortgage (still in my cousin's name) was not paid off yet. So my mom made the last payoff to the mortgage on March. The bank sent documents and reconveyance papers to my cousin just a week ago saying that everything has been paid in full and satisfied. She gave my mom the documents. (1) Does this mean my mom has the complete property and all the rights to it as the date of the last documents received? (2) Can my mom use a Grant Deed or Warranty Deed to give the property to her 7 children? and (3) Isn't there something we can do that makes the property it's own entity (where it is safe from ANYTHING) and have all 7 children be trustees/owners of the property where if one child messes up in life, it wouldn't affect the property for the other siblings?
Thanks all!!
Rebecca |
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larry
Joined: 27 Jun 2007
Posts: 3245
460.30 Dollars($)
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| Posted: Sun Sep 16, 2007 11:32 pm Post subject: |
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Hi Guest,
When your mom has received all the documents of the deed from her cousin and the mortgage is also paid off, then it means that she has gained her complete property ownership rights towards it. And I think your mom should use a grant deed to transfer the property to her 7 children as this type of deed will help to transfer the ownership and at the same time ensuring that no other person can claim any rights on the property after the transfer.
After the property is transferred, each of the children will receive their individual shares. And even if one child messes up his property, it will not have an impact on the properties of the other siblings. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1382
Location: florida
231.50 Dollars($)
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| Posted: Tue Sep 18, 2007 11:00 am Post subject: RE: grant deed and property questions |
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Hi Rebecca,
Thanks for the appreciation. 
If the loan has been paid off and your cousin has received the reconveyance papers, then your mom need not worry. Now, she will be the owner of the property with all rights on it. And, she can transfer it to whoever she wishes to. But the heirs need to be careful about taking any loan against the home and paying off property taxes because any unpaid debt on the home be it loan payments or back taxes may lead the heirs into trouble. There's the possibility that they may lose the home if they cannot fulfill the financial obligations attached to the home.
Good luck
_________________
Mortgage Shopping made easy with booklet |
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Doris
Guest
0.10 Dollars($)
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| Posted: Thu Sep 20, 2007 10:24 am Post subject: To get home back from daughter |
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| My 80 year old friend was taken to daughters attorney 3 weeks after her husband died. They had her sign lots of papers, the daughter told my friend she had to do this. One of the papers were to sign was to make her daughter joint tenant on her home. She said it was a warranty deed that was filed. Can she do anything to get her home back? |
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jameshogg
Joined: 20 Dec 2005
Posts: 930
Location: nevada
112.52 Dollars($)
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| Posted: Fri Sep 21, 2007 11:28 am Post subject: RE: joint tenancy using warranty deed |
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Hi Doris,
Welcome to forums.
If it's a joint tenancy on the property, then your friend is co-owner. In that case she already occupies a certain part of the property. However, if she wants to get back the entire share of interest in the property, then that's a different issue and she will have to wait till the daughter agrees to give it her back.
Thanks |
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John Lewis
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0.10 Dollars($)
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| Posted: Sun Sep 23, 2007 3:11 pm Post subject: Warranty Deed From Spouse to Spouse |
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| I had an attorney draw up a warranty deed conveying the property to my wife from me.In looking at the deed there is a one-half undivided interest in and to clause in this.Does this mean we still both have ownership? |
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larry
Joined: 27 Jun 2007
Posts: 3245
460.30 Dollars($)
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| Posted: Tue Sep 25, 2007 12:44 am Post subject: |
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Hi John,
In the warranty deed, if it is mentioned that a portion of the property is in undivided interest, it means that the ownership of that portion of the property is in both of your names. But if you are conveying the entire property to your wife, then in that case, there should not be written something like this in the deed. You should talk to the attorney about this and ask him to make the required correction on the deed. |
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Julie
Guest
0.10 Dollars($)
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| Posted: Mon Nov 26, 2007 7:55 am Post subject: Transferring name off of title and putting in son's name. |
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| What steps do I have to take in order to transfer ownership of our mobile home to my son's, which we own in full. Also, how long does it have to be in my son's name in order for the state not to take it if we were to end up in a nursing home and how does it affect his taxes? |
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larry
Joined: 27 Jun 2007
Posts: 3245
460.30 Dollars($)
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| Posted: Tue Nov 27, 2007 5:17 am Post subject: |
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Hi Julie,
Welcome to this forum.
You can use a quitclaim deed, but I think it will be better if you use a warranty deed. Because it assures your children that the property is free of any kind of liens. Take help from a lender. He will help you in the process. Now as soon as you notarized the deed and record it in the county recorder office, it will be a valid deed and the property will be in your son's name.
Thanks,
Larry |
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Heather
Guest
0.10 Dollars($)
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| Posted: Tue Dec 04, 2007 1:36 pm Post subject: name off title |
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| After the divorce, my ex-husband refinanced our home and had me sign a quick claim deed when he was approved. I am afraid that there is a lot of debt and loans against the home, whiat happens if he can not make payments, will the bank come after me as I had orginally signed the mortgage or because I signed the quick claim deed, does this mean they can not come after me? |
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jenkin7
Joined: 04 Jun 2007
Posts: 928
139.07 Dollars($)
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| Posted: Wed Dec 05, 2007 6:20 am Post subject: |
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Hello Heather,
If you are on the mortgage note along with your ex-husband, then you are responsible for the mortgage payments in case your ex-husband defaults.
But are you sure that you are still there on the loan after the refinance?
If you have signed a quit claim deed, that will only remove your name from the title and not from the mortgage. But if your ex-husband has refinanced the mortgage in his name only, then you are already out of it and not financially liable for the loan. |
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