Posted on: 12th Oct, 2007 09:36 am
my wife and i currently rent a house, which is owned by her parents. her dad has recently proven himself untrustworthy, due to an ongoing affair.
we believe that he is in serious risk of being sued, due to some poor profesional decisions on his part, and do not want him to lose the house we currently live in. we would like for him to remove his name from the deed, leaving only his wife's name.
would a quit claim be the best answer here?
if we do get him to sign a quit claim, would someone who succesfully sued him have any claim on the house?
what fees are involved with a quit claim? do you have to refinance after a quitclaim?
thanks for the help
we believe that he is in serious risk of being sued, due to some poor profesional decisions on his part, and do not want him to lose the house we currently live in. we would like for him to remove his name from the deed, leaving only his wife's name.
would a quit claim be the best answer here?
if we do get him to sign a quit claim, would someone who succesfully sued him have any claim on the house?
what fees are involved with a quit claim? do you have to refinance after a quitclaim?
thanks for the help
Hi,
A quit claim is the best option to transfer ownership. Your father-in-law has to quit claim all interest on the property to your mother.
Most states do not tax this kind of transfer. Some states may require the recording fees and other fees for the transfer of title.
A quit claim is the best option to transfer ownership. Your father-in-law has to quit claim all interest on the property to your mother.
Most states do not tax this kind of transfer. Some states may require the recording fees and other fees for the transfer of title.
It is better to go for the quitclaim.If your father-in- law transfer all his interest of the house to his wife's name, the person who have sued him can't claim anything on the house.
choosing a quitclaim deed is better and simple. reminding, making this recorded. it will valid.
You should contact an attorney and find out what the local laws are for your area.
