Will grantor lose rights on property after quit claim?

Hi Guest,

Welcome to the forums.

Since your husband has signed over the property to you, legally he does not have any interest in it. But he can claim for half of the equity considering the fact that the divorce is about to be finalized.

I guess you have approached the court for the divorce case. If that is so, then he may or may not get the amount worth half the equity depending upon the decision taken by the court. But if you are into mutual agreement, then the situation may be different. Please let me know more about this so that I can comment on this issue.

Thanks,

Sara

my husband had been divorced for almost six years and the house is still in both his and his ex wifes name. she used her va certificate in the purchase of the home. i am able to submit a va certificate and since i have lived in the house for five years, would like to have her submit a quit claim deed. will we owe her anything for having her to sign one? in addition, because we have a joint account, i have also been paying on this mortgage since december 2001 but am not receiving any credit for it. she has never paid on the mortgage.

Tlicat,
" since I have lived in the house for five years, would like to have her submit a quit claim deed. Will we owe her anything for having her to sign one?"
If she asks to be paid for quit claiming her share of the property then you might have to otherwise she can refuse to quit claim her ownership.

Edgar

my mother quitclaim'ed me my current residence last year
there is no morgage or any other debt on the property
is that all that needs to be done to transfer complete "ownership" of the property on to me?

Hi anonymousjb,

Welcome to the forum.

Once your mother has quitclaimed the property against which there is no loan, it should be recorded at the office of the county recorder. This is done to ensure that the transfer of property is included into the public records.

Once the deed is recorded, it is considered to be valid, and yes, the complete ownership rights are then transferred to you.

But have you recorded the deed? You haven't actually mentioned this.

Hope the information helps you.

God bless you.

Samantha

Thanks for your answer Samantha!,
as far as "recording" the deed...well it was drafted and signed at my lawyers office and noterized then a copy was sent to me with a seal on it?
does that mean it "is" recorded?
sorry to sound like such a doofus, but its all new to me... ;)

Hi anonymous,

The deed will be recorded after it is entered into the public records kept at the office of the Register of Deeds or the County Recorder. If you have taken help from a lawyer, then ask him if he has recorded the deed in the County recorder's office. Or else, you can yourself approach the office to get your deed included within the public records.

Good luck :)

Caron.

I have a house which I owe money on , an what to get rid of it ...I have no desire to profit I just want to walk away free and clear...I have someone interested in the house and wants to do a quit claim.

Is this going to give me the desired result? free of the mortgage and house ?

If not and the person I deed the house to ...does not make the payments does that "screw" me the grantor?

hi,

welcome to mortgagefit forum.

you can quit claim the house to him but that will not transfer the mortgage. to get rid of the mortgage you need to pay it off or transfer it in his name. talk to your lender and ask about the possibility of the mortgage being refinanced in his name or he allowed to assume the mortgage payment responsibility. assumption of mortgage will be possible if your mortgage contains an assumption clause.

before giving up the property first have a talk with your lender and explain the situation. if the lender does not allow the refinance because of this person's poor credit or other reason then mortgage will remain in your name and if he stops making the payments it will affect your credit score.

so you need to clear up all the facts before finalizing the property transfer.

colin

Hey DT,

If you are the one signing on the quit claim deed and giving away your house to someone, it does not free yourself from the loan. You need to transfer the loan to the other person. The best way to do so is to ask that person to refinance the loan in his name and take over the title simultaneously.

Thanks.

I am about to sign a quit claim deed from a property that I just close to a LLC company own by me and my business partner, we plan to pay everything 50 50. Do I have to do something that legally obligates him to pay his half of the mortgage? I am under the impression that I will be the sole responsible for the mortgage.

Thanks

Welcome Fdo,

I found your query being answered at http://www.mortgagefit.com/florida/quitclaimdeed.html . Just have a look.

My Mom, husband and myself share a home together. It is in my mothers name and has a mortgage in my mothers name on it. We want to quit claim deed this to my husband and myself. What happens to the mortgage? My mother is still going to live in the home with us. We live in Florida.

Hi Pj,

Welcome to Mortgagefit forum.

To get the ownership from your mother, your mother will have to create a quit claim deed as the grantor and both of you will be named as grantees in the deed.

Regarding the mortgage, it will remain in your mother's name and would have to be refinanced in your name as property transfer does not result in transfer of the mortgage.

First thing to do for you will be to get in touch with the lender and explain your intention of changing home ownership rights. He will require you to have the mortgage refinanced in your name.

At the time mortgage is refinanced the quit claim deed can also be made out for transfer of ownership.

Colin

"My mother is still going to live in the home with us. We live in Florida."
Your mother can live with you even after giving the house to both of you and it completely depends on you.

You must be thinking lender might say only those named on the mortgage can stay in the house but nothing like that, those on the mortgage must be on the title that is what is required by lenders.

Others who are not on the mortgage can also live in the home and lender will not have any problem with it.