Posted on: 19th Sep, 2006 05:05 pm
my husband & i took a $10,000 loan off of a credit card for my brother. he in turn added our names (with his) to a quit claim deed on his property/land that he owns (up north, we live in michigan). his daughter and her husband would like to buy the property from us for the amount of the loan ($10,000), since my brother has not made any payments to us. if we sell the property to them, can our names be taken off and their names be put on this quit claim deed?
By quit claim deed it will be possible to add their names and remove yours.
In that situation, you would then be considered to have gifted property to them.
Thanks
In that situation, you would then be considered to have gifted property to them.
Thanks
Hi Guest,
When you sell the property, you need to use a warranty deed and get it signed by the buyers so that you are able to transfer the property-title to the buyers. A warranty deed ensures that the property you are selling has clear title, that is, the title is free from defects and liens. But a quit claim does not ensure this.
Thanks,
Caron.
When you sell the property, you need to use a warranty deed and get it signed by the buyers so that you are able to transfer the property-title to the buyers. A warranty deed ensures that the property you are selling has clear title, that is, the title is free from defects and liens. But a quit claim does not ensure this.
Thanks,
Caron.