Georgia Quit Claim Deed

I am receently divorced and my ex agreed to a quit claim of the house we jointly own but I reside in. Why is this a benefit to me?
btw -He has yet to do it.

hi molly,

you hardly have any options. unless your sister signs the quit claim deed and transfers the property back to you, it won't be possible for you to remove her name from the property deed.

hi bec,

if he signs over the property deed to you, then you would become the sole owner of the property. if both of you have a joint mortgage on the property, then you can refinance the loan so that he does not have any financial responsibility towards the property.

thanks

MY HUSBAND & I CURRENTLY HAVE A HOME ON FAMILY PROPERTY, WE ARE PARTIALLY INHERITING, PARTIALLY PURCHASING ANOTHER HOME ADJACENT TO OUR HOME. THE TRUSTEE IS WANTING TO QUITCLAIM THE OTHER HOME AND PULL THE EQUITY FROM OUR CURRENT HOME TO COVER THE DIFFERENCE,SO TECHNICALLY THE NEW PROPERTY WILL BE CLEAR OF ANY LOANS. MY QUESTION IS, AM I BORROWING TROUBLE FROM THE FUTURE IF I EVER WANTED TO SELL ONE OF THEM, CAPITAL GAINS? INHERITANCE TAX? I KNOW THE TITLE IS FREE OF ANY DEBT, WILL A QUITCLAIM BE OK?

hi kitty,

i did not understand why the trustee wants you to quitclaim the property in order to get a home equity loan. if you've equity in your property, then you can apply for a equity loan and pay for the new property.

while you sell off the new property, you would be liable for paying the capital gains taxes depending upon the profit that you make from the sale of the property.

thanks

i have a home in athens ga that i wish to give to my brother. there is still a loan of $150,00 on it that i am paying. can i give the house to my brother on quitclaim deed?

can i transfer the deed to my common law wife?

Hi lizt,

You can transfer your property to your brother with the help of a quit claim deed. He can then refinance the mortgage in his name and pay off the loan balance.

Hi rickyd,

You can definitely use a quit claim deed in order to transfer the property to your common law wife.

Thanks

My fiance and his dad purchased together with his dad as the primary and my fiance as the secondary on the loan. His dad is now remarried and we are trying to do a loan modification and remove his dad from the loan. Is a quick claim deed feasable?

Hi Tina!

Welcome to forums!

A loan modification will not remove your fiancé's father from the loan. Rather, your fiancé needs to refinance the mortgage in his name. He can ask his father to sign a quit claim deed and transfer the property to him and then he can apply for a refinance.

Feel free to ask if you've further queries.

Sussane

My exhusband did a quit claim deed in 2005. I am listed on warranty deed.
I did not sign any forms when the quit claim was processed. Is this legal?
What were my rights in this situation

Hi tee,

If your name is still mentioned on the property deed, you will be considered as one of the owners of the property.

Thanks

If the mortgage and house is in both names...and neither can buy out the house, can one use a quick claim deed without notifing the bank and can the mortgage remain in both names?

Hi Kristin,

One can use a quitclaim deed to transfer the property to someone else. However, if the lender comes to know about it, then the lender will ask the owner of the property to refinance the mortgage in his or her name.

Thanks

My Mother wants to do a quit claim deed to deed her house over to my brother. Both reside in Ga. The clerk of Court said a PT61 must be filed in inorder to transfer ownership. However, my Mother is not selling him the property. Her name will still be on the mortgage so there will be no money exchaging hands. Do we still have to pay this real estate tax?

Hi marsha,

As there will be change in property ownership, I think your mother will be liable to pay the real estate tax.

Thanks