Will grantor lose rights on property after quit claim?

Pj,

The mortgage will remain in your mother's name. However, you need to inform the lender about the transfer through quitclaim prior to executing the deed. The lender may want you and your husband to be on the title. Then you may have to refinance the loan in your name.

My girlfriend and I moved in to a new house three years ago. She had it financed in her name and paid for half of the new house from the sale of her old house. The half of the house that is being financed we both pay for equally along with utilities etc..What can we do so that she keeps her half that is paid plus half of the unpaid balance and I would have half of the unpaid balance of the house. Would she quitclaim 25% of the property to me?

Hi Jcarrolld,

Welcome to forum.

Whether your girlfriend would pay for the half of the unpaid balance is entirely up to her will. You may draft a legal agreement stating that she will pay for the half and you for the remaining part. You will possible have to take help of an attorney for drafting the agreement. And, this arrangement can be done only at your girlfriend's consent.

You have spoken about quitclaiming the 25% share. First of all, quitclaim will not transfer the debt, it can only convey interest one has in a property. And, secondly, you can prepare an agreement that if she pays for half of the unpaid balance, she will be getting 25% of the share of interest in property – that's not a quitclaim can do actually but it's a sort of mutual agreement between the two of you.

Thanks

hello,
if my parent use a quit claim deed to transfer the property to me, can the state of their residence have access to the property if one of my parents happens to need long term care?

does the deed supercede a statute of limitations made by the state?

My husband & I are wanting to quick deed our rental property to his son for two reasons. One, so he can have the property show as a asset when he buys his first home. Secondly, to avoid us paying capital gain. He would then sell the property, the proceeds would come to us, and a portion we would give to him. Would this work????

Hi Mary,

Welcome to Mortgagefit forum.

It is true that if you use a quit claim deed for property transfer there would be no capital gain taxes to pay.

But if you are receiving any amount less the property's actual value or not receiving any value then it will be considered as a gift.

And you may have to pay gift taxes if the value of the gift exceeds gift tax exemption limits.

Please go through this page for more information on Tax implications of Quit Claim Deeds.

Colin

My husband signed a Quitclaim Deed to me seven months ago. I refinanced the house and the mortgage is under my name. I've been paying the mortgage, property taxes since years ago anyway. Now, a month ago I files for divorce and he is claiming the house as community property. Does he have a right to do this?

Hi Blanca,

Welcome to Mortgagefit discussion board.

Which state you live in? First you need to check if your state is one of the community property states or not. If it is a community property then were joint funds used for the purchase?

If the house was purchased after your marriage and he had also contributed towards mortgage expenses then he can claim a part in a community property state. The rule which is used in such situation to calculate the share each one will get is know as Moore Marsden rule

Do let me know if you have any other questions.

Thanks
Blue

I was granted a quickclaim to my house in 2006. The loan was changed into my name, i make the payments to the house and now I am getting a divorce. I wante to know if the house is mine when I get divorced? I also want to know does my husband have any rights at all the property. Before I get an official divorce I need to know the dependancy that I am involved in.

Jackie,

As you own the house now after it was transferred in your name through a quit claim deed your husband cannot put any claim over it.

It is your separate property which will not be considered at the time division of your joint assets is made by a divorce court.

Miller

Hello Jackie,

As the ownership of the house has been transferred to you, hence your husband cannot claim rights in the property. Since your husband cannot claim rights, hence, after divorce, the house would be yours.

My boyfiend has been divorced for 2 years. His ex-wife is selling the house and wants him to quit claim it for her to sell it. My question is would he loose his equity in the house is he signs this paper. She says that it is the only way to sell it and he thinks that a lawyer needs to be involved. In the divorce papers he is to get 1/2 the equity.

Do you have to quit claim your deed over to your wife before selling property you share? We are divorced and I am to get 1/2 the equity. How can I get the equity if I quit claim it to her or the person she wants to sell the house to?

"In the divorce papers he is to get 1/2 the equity."

Melinda if the divorce papers state that he is to get 1/2 equity then there should not be any problem with quit claiming interest over to her. The reason is she is obliged to pay him half of the equity when the house gets sold.

Miller

Hello Melinda,

You mentioned that your boyfriend would get 1/2 the equity. Hence, when your boyfriend signs the quit claim deed, there should be an agreement that he should get 1/2 of the sale proceeds.