Posted on: 08th Dec, 2007 09:30 am
Hello,
I bought a property with my mother-in-law where I was the primary borrower and she was the secondary borrower on the loan. We bought the property on an agreement that she would eventually sign a quit claim deed where she would be the grantor and my wife would be the grantee. My question is do I have to be the grantor also on the quit claim deed form alongwith my mother-in-law bcos she quitting her claim and I am not?
Secondly from reading various discussions on the forums you recommend a warranty deed is better than a quit claim deed. Which one should we do?
Thirdly once the quit claim deed is signed do we have to refinance? Right now mother-in-law pays a monthly rent to us.
Also do we have to sign these documents in front of a notary public or can we sign it in advance and then get it notarized.
Thanks in advance for answers to so many questions. Your help is highly appreciated.
Sam
I bought a property with my mother-in-law where I was the primary borrower and she was the secondary borrower on the loan. We bought the property on an agreement that she would eventually sign a quit claim deed where she would be the grantor and my wife would be the grantee. My question is do I have to be the grantor also on the quit claim deed form alongwith my mother-in-law bcos she quitting her claim and I am not?
Secondly from reading various discussions on the forums you recommend a warranty deed is better than a quit claim deed. Which one should we do?
Thirdly once the quit claim deed is signed do we have to refinance? Right now mother-in-law pays a monthly rent to us.
Also do we have to sign these documents in front of a notary public or can we sign it in advance and then get it notarized.
Thanks in advance for answers to so many questions. Your help is highly appreciated.
Sam
It is unlikely that you can force her to get a mortgage - it might be more likely that she can not get a mortgage, and you will have to re-claim the properties. A stickie in law issue for sure. You may loose the properties unless you start and continue paying the mortgages.
I am a co-signer for my sister on a loan I need to get my name off so that I can purchase my own home what is the best way
hi janelle!
welcome to forums!
your sister will have to refinance the mortgage in her name. this will remove you from the liability of paying off the loan and she would become solely responsible for the payments. then you can get a loan to purchase a property of your own.
feel free to ask if you've further queries.
sussane
welcome to forums!
your sister will have to refinance the mortgage in her name. this will remove you from the liability of paying off the loan and she would become solely responsible for the payments. then you can get a loan to purchase a property of your own.
feel free to ask if you've further queries.
sussane
I have a rental property,fully paid for, no liens...I wish to sell it to 10 year tenant, as is at a mutually agreed price..howshould I go about it?
Hi sistr!
Welcome to forums!
You can use a warranty deed in order to transfer the property from your name to a new user. It will be better if you an take the help of an attorney and get the warranty deed drafted. The mutually agreed price should be mentioned in the property deed.
Thanks
Welcome to forums!
You can use a warranty deed in order to transfer the property from your name to a new user. It will be better if you an take the help of an attorney and get the warranty deed drafted. The mutually agreed price should be mentioned in the property deed.
Thanks
I am doing a quit claim to my son for property. My husband who died a year ago is on the deed as well as my name. Can I do a deed with just my name to my son do I need to put mine and my husbands name on it and just list him as deceased or how should i do this
hi sally,
you will have to remove your deceased husband's name from the property deed. you can file an affidavit of heirship at the county recorder's office to transfer the property in your name. once this is done, you can sign a quit claim deed and transfer your property to your son.
thanks
you will have to remove your deceased husband's name from the property deed. you can file an affidavit of heirship at the county recorder's office to transfer the property in your name. once this is done, you can sign a quit claim deed and transfer your property to your son.
thanks
My husband's ex-wife has a warranty deed that my husband signed. At the time there was a 2nd mortage on the property, in which, the lawyer whom did this warranty did not check to see if leins or mortages was on the property, also the property is bought through a bank that only name on this account is my husband's name not the ex-wife. She has just recently moved out and told my husband he would have to take over the payments. Is there anything we can do to get rude of this warranty deed so we can get her name off of it? Also is it legal to do a deed like this?
Hi Guest,
Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/about44297.html
Take a look at it. Hope it helps you.
Sussane
Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/about44297.html
Take a look at it. Hope it helps you.
Sussane
When using a quick claim deed to transfer title between a father whom owns the properry on a quick claim deed due to divorce, and a son, what are the financial obligations attached to this transfer. I realize that the tax and insurance will be my responsiblity after the transfer (there is no mortgage), but is there anything else.
Hi RC,
If there is a mortgage on the property, then the son will have to refinance the mortgage in his name or else the lender may call the loan due immediately.
Thanks
If there is a mortgage on the property, then the son will have to refinance the mortgage in his name or else the lender may call the loan due immediately.
Thanks
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