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Quit Claim Deed

Posted on: 06th Sep, 2006 02:08 pm
my 6 siblings and myself have inherited our family\'s house. all 7 of us are on the deed. my oldest sib is retired and said she might file a quit claim deed since she wants her share of money from a house that the remainder of us do not intend to sell. what recourse do we have if she does file? is this quit claim deed a prudent way for her to get money out of the house/property?

thanks in advance. -deb.
Hi Deb,

By quit claim deed a person can transfer his share of interest in the property to someone else, it will have no effect on the share of the rest of the title holders of the property i.e. the other six of you.

She cannot sell the house on her own as it is necessary to have the consent of the other owners also before the house can be sold.

Thanks
Posted on: 06th Sep, 2006 02:24 pm
Hi,

I also agree that your oldest sister cannot decide to sell the house on her own.

She can only decide upon the share of the property that she has and transfer it to any other person if she wants to.
Posted on: 06th Sep, 2006 02:35 pm
Hi,

If six of you do not want to sell the house then you can ask her to quit claim her interest in property to you all and decide upon an amount which might be the current value of her share of the property.

You should take advice from an real estate attorney about how the quit claim deed is to be formulated and also on the current value of share in the property that is to be given to her.

Thanks
Colin
Posted on: 06th Sep, 2006 03:23 pm
Hi,

That's not a wise move to get money from the property which the rest of the members will not sell. Only by filing the deed, she cannot get money.

Sara.
Posted on: 06th Sep, 2006 08:47 pm
Deb,

I guess the oldest sibling wants to sell her share of property to you all, so she needs to transfer the ownership of her portion of the property. This is why she may be filing a quit claim.

But you all are not willing to sell the property, so she can do nothing with the deed as the transfer of ownership would require the signatures of the person who is receiving her share of interest.

Eliza
Posted on: 06th Sep, 2006 09:32 pm
Posted on: 07th Sep, 2006 09:13 am
Are quit deed rules different in each state?
Posted on: 07th Sep, 2006 09:14 am
Hi Nia,

Quit claim deed will only transfer the property interest and any financial obligations will still be present for your Mom. I would also like to mention that quit claim deed can not remove or transfer financial liabilities that any person has.
Posted on: 07th Sep, 2006 10:20 am
Hi Nia,

Your Mom can quit claim the home after the purchase transaction is over. As far as I know there is no specific time frame after the purchase that you have to wait before you can quit claim your property.

As soon as you acquire legal ownership rights of the home you can quit claim it to someone else.

Thanks
Colin
Posted on: 07th Sep, 2006 02:37 pm
Hi,

Generally the rules for quit claim deed are same in all the states, but there are some minor differences in a few states.

As for example only in few states it is required to have the deed signed by witnesses apart from the notary public for the deed to be valid. The states where this is required are Arkansas, Georgia, Michigan, Ohio, South Carolina and Vermont.

Blue
Posted on: 07th Sep, 2006 03:52 pm
Hi,

"If something should happen with my Uncle's health (he's 70) prior to quit deed, does my Mom then share responsibility with his wife or is the property my Mom's sole responsibility?"
If something happens to your uncle prior to the quit claim, you mom will not share any responsibility with the wife as the latter does not have her name on the loan. Your mom will have the sole responsibility legally to clear the debt against the home if your uncle fails to do so. But she can surely request the wife to assist her with the payments but it depends upon the wife whether she will be willing to help her with the money.

One more thing, even if your mom quit claims, her liability of repaying any debt remains.

Thanks,

Caron.
Posted on: 07th Sep, 2006 10:00 pm
Hi! My Aunt is selling her home. In the past she signed home over to her Nephew by quitclaim deed . After house is sold how is this property divided ?
Posted on: 07th Oct, 2006 12:35 pm
Hi Larry,

If your aunt has signed over the property to her nephew by quit claim, she cannot sell the property as she does not have any interest in it. If at all she wants to sell the property, she has to get back the interest in the property by canceling the former quit claim or reversing it. Know more on this issue from a discussion on Cancel/Reverse Quit Claim.

If you are interested to know How the Quit Claim Deed works, go through our resource on this topic.

Regards,

Jessica.
Posted on: 08th Oct, 2006 12:36 am
I have a house, if I married my house belong also to my husb
Posted on: 18th Nov, 2006 06:07 am
Hi Chivi,

Even if you get married, your property will remain in your name only until and unless you transfer a share of your interest in the property to your husband.

Thanks
Posted on: 20th Nov, 2006 12:44 am
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