Posted on: 15th Dec, 2008 09:46 am
My husband purchased a home. My credit is not good so I am not on the loan nor am I on the Title. I had a Quitclaim deed signed and brought to the town land records to be filed. I do pay half the mortgage and half of all bills.
Can you please explain what this QUITCLAIM DEED means for me? Am I technically part owner of this home now? I'm just not understanding it thoroughly.
Can you please explain what this QUITCLAIM DEED means for me? Am I technically part owner of this home now? I'm just not understanding it thoroughly.
Hello cjoyfull1,
A quitclaim deed will give you a certain amount of "rights to the property. If it is just you and your husband, then of course this means that you have 50% ownership of the property, even though your name may not be on the loan.
Let us know if you still have any questions.
A quitclaim deed will give you a certain amount of "rights to the property. If it is just you and your husband, then of course this means that you have 50% ownership of the property, even though your name may not be on the loan.
Let us know if you still have any questions.
actually, cjoyfull, you have 100% ownership of the property, as does your husband.
though you are not obligated to pay the mortgage, as an owner you're obligated to comply with the covenants in the mortgage deed - such as keeping the home in good repair, keeping it insured, keeping taxes and other encumbrances paid, etc.
in short, you have all the rights and responsibilities any owner of real estate will have.
though you are not obligated to pay the mortgage, as an owner you're obligated to comply with the covenants in the mortgage deed - such as keeping the home in good repair, keeping it insured, keeping taxes and other encumbrances paid, etc.
in short, you have all the rights and responsibilities any owner of real estate will have.
