Posted on: 08th Dec, 2007 09:30 am
Hello,
I bought a property with my mother-in-law where I was the primary borrower and she was the secondary borrower on the loan. We bought the property on an agreement that she would eventually sign a quit claim deed where she would be the grantor and my wife would be the grantee. My question is do I have to be the grantor also on the quit claim deed form alongwith my mother-in-law bcos she quitting her claim and I am not?
Secondly from reading various discussions on the forums you recommend a warranty deed is better than a quit claim deed. Which one should we do?
Thirdly once the quit claim deed is signed do we have to refinance? Right now mother-in-law pays a monthly rent to us.
Also do we have to sign these documents in front of a notary public or can we sign it in advance and then get it notarized.
Thanks in advance for answers to so many questions. Your help is highly appreciated.
Sam
I bought a property with my mother-in-law where I was the primary borrower and she was the secondary borrower on the loan. We bought the property on an agreement that she would eventually sign a quit claim deed where she would be the grantor and my wife would be the grantee. My question is do I have to be the grantor also on the quit claim deed form alongwith my mother-in-law bcos she quitting her claim and I am not?
Secondly from reading various discussions on the forums you recommend a warranty deed is better than a quit claim deed. Which one should we do?
Thirdly once the quit claim deed is signed do we have to refinance? Right now mother-in-law pays a monthly rent to us.
Also do we have to sign these documents in front of a notary public or can we sign it in advance and then get it notarized.
Thanks in advance for answers to so many questions. Your help is highly appreciated.
Sam
me and my sister purchased a house back in 89 she refinanaced in 93 she removed me from the deed without my permission or me siging anything is that possible. Thank you
Hi Sharon
If your name was on the deed on the property, then she cannot remove your name without your permission or your signatures. If something like that has happened, it is illegal.
Thanks.
If your name was on the deed on the property, then she cannot remove your name without your permission or your signatures. If something like that has happened, it is illegal.
Thanks.
If you truly held title to the property with your sister then your signature would be required to remove your name, not only that, your signature would be required on her mortgage since you (allegedly) had an ownership interest in the property.
I want to use the quitclaim deed concept to transfer my property to my son. He is about to enter to a medical school and does not have much income now. I'll continue to pay the mortgage to the property after quitclaim. Once I transfered my property to my son's name, does any my creditors (such as credit companies) have right to enforce a "lein" on the transfered property? Thanks for responding to my question.
Hi roxy,
You're husband has the debt on his name, but not the title. Thus, if he defaults it will affect his credit score, and not hers. reversing the warranty deed is difficult. But this can be done if you can prove that your husband signed the deed under false pretence or was threatened to do so. Thus, I think you should consult a local attorney in this regard.
You're husband has the debt on his name, but not the title. Thus, if he defaults it will affect his credit score, and not hers. reversing the warranty deed is difficult. But this can be done if you can prove that your husband signed the deed under false pretence or was threatened to do so. Thus, I think you should consult a local attorney in this regard.
Hi, I am married and my husband had me to sign in the quitclaim deed. It says I am signing on this paper, remising everything, title, interest etc. But as my husband says, this paper is protecting me, in a case something happens to him, the house will be mine, without paying anything. Is it true?
Hi soney,
A quitclaim deed transfers property from one person to another. When you sign a quitclaim deed you actually give up all your rights and interests in the property. I don't understand how a quitclaim deed will protect you. If the property had remained in your name, that wouldn't have been bad either, that would also have protected you.
However, if the deed mentions something like a joint tenancy form of ownership, then you can rest assured that though you signed the deed you still have an equal and undivided interest in the property and the right of survivorship will guarantee that if something happens to him you will inherit the property without paying anything.
A quitclaim deed transfers property from one person to another. When you sign a quitclaim deed you actually give up all your rights and interests in the property. I don't understand how a quitclaim deed will protect you. If the property had remained in your name, that wouldn't have been bad either, that would also have protected you.
However, if the deed mentions something like a joint tenancy form of ownership, then you can rest assured that though you signed the deed you still have an equal and undivided interest in the property and the right of survivorship will guarantee that if something happens to him you will inherit the property without paying anything.
My father wants to sell his farm to my brother, what form should be used
hi pat,
your father can simply sign a quit claim deed to transfer the title to your brother in exchange for money. he can even use a warranty deed to convey a free and clear title to your brother.
your father can simply sign a quit claim deed to transfer the title to your brother in exchange for money. he can even use a warranty deed to convey a free and clear title to your brother.
My husband took out a loan with an accountant and signed a promissory note. He also used his one of his property as collateral. He has been late on payment but explained the reason with the accountant. Today we found out that he changed the name on the property to his name. Was this legal?
If your husband's name was on the property deed, then the accountant can't change it without your husband's signatures. In my opinion, you should consult an attorney and take his opinion in this regard.
i quitclaim my house 10 months ago with my girlfriend due to the fact that my credit is better than hers ...reason... for refinance and wating for interest go down...now... i did not register my quitclaim deed, if i was to register now could the quitclaim deed be take in consideration with the date that it was originally signed by my girlfriend at the title company???
Hi SILVIO!
Welcome to forums!
You will be able to record the quitclaim deed now but I think the date of recording of the deed will be taken into consideration.
Sussane
Welcome to forums!
You will be able to record the quitclaim deed now but I think the date of recording of the deed will be taken into consideration.
Sussane
will a quik claim deed protect a property from seisure
no. lender may treat it as a case of fraud.
quit claim deed does not guarantee that property under consideration is free from mortgage & tax linens.
if you are thinking to do so inform about it to your lender. they will ask new owner for refinance.
quit claim deed does not guarantee that property under consideration is free from mortgage & tax linens.
if you are thinking to do so inform about it to your lender. they will ask new owner for refinance.