Posted on: 06th Mar, 2010 03:01 pm
i own a rental house outright in my own personal name. i would like to put my daughter and son-in-laws names on the deed along with mine. it looks like a quit claim deed takes my name off of it entirely. is that right?
if i don't use a quit claim, then how do i do it? what about forming an llc and then making all of us members?
eventually my name will be taken off entirely when they finance the property, but until then, i would like to keep my name on it.
if i don't use a quit claim, then how do i do it? what about forming an llc and then making all of us members?
eventually my name will be taken off entirely when they finance the property, but until then, i would like to keep my name on it.
Hi lindasuetaylor!
Welcome to forums!
It is not true that the quit claim deed will entirely remove your name from the property deed. While you add your daughter and son-in-law to the deed, your name would be mentioned as the grantor of the property whereas you along with your daughter and son-in-law will be mentioned as the grantee. Thus, you would remain the owner of the property though you add them to the deed. A quit claim deed will also help you in transferring your property into LLC.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is not true that the quit claim deed will entirely remove your name from the property deed. While you add your daughter and son-in-law to the deed, your name would be mentioned as the grantor of the property whereas you along with your daughter and son-in-law will be mentioned as the grantee. Thus, you would remain the owner of the property though you add them to the deed. A quit claim deed will also help you in transferring your property into LLC.
Feel free to ask if you've further queries.
Sussane