Can quick claim transfer personal property?

Hi dmccarty

Through deed you have transfer the title and interest, if things like refrigerator, stove, etc belongs to you then you can always claim it.

Thanks

My Boyfriend and I puchased a house I am not on the loan but on the deed. Does this protect me if we should part and what do we do with the belongings in the house

Hi Sally,

Welcome to MortgageFit Forums.

If your name is on the title deed of the house then you have right to sale or transfer your part of interest in the property.

You can refer this thread having discussion on "house deed" to know more. Kindly get back if you have further doubts.

God bless you.

For MortgageFit,
Samantha

if a home is quick deed to you and a reverse mortgage has been taken on it, how long does the new owner have to repay the reverse mortgage? and at what rate?

Hi,

Welcome to MortgageFit Forums.

I want to clear some basic things for you to understand it better. A reverse mortgage need not be repaid unless the borrower sells or transfers the home or the last surviving borrower on the loan dies.

So when the house is transferred to you, the mortgage becomes due and has to be repaid by the borrower on the mortgage.

The mortgage is not transferable and so there is no question of the new owner to repay the mortgage loan.

Hope that makes it clear. Feel free ask if you have more doubts.

God bless you.

For MortgageFit,
Samantha

Hi,

The house on a reverse mortgage can't be transferred and you have to repay the mortgage if want to transfer or sell it. The mortgage is not transferable.

Murphy

I am helping a family member who is behind on their mortgage payments and just lost their job and, worse yet, is involved in a law suit for an automobile accident in which they did not have insurance.

Since I have loaned this family member a substantial sum of money and am paying the mortgage payments to protect my interest, I am trying to determine if I should buy the home outright while renting it back so I can be repaid and the family member can live off their equity during this bad time. It would help me out tax wise but I don't know if I should finance the house on my own, finance with with the family member as a co-owner on the deed or quitclaim deed (which I know nothing about).

I am tyring to figure out the cheapest way to do this without affecting the real estate taxes on the property and homestead exemption in Florida.

Thanks for your help!

hi kathie,

it's good to see you involved in such a noble cause by helping out your family. you can transfer all the interests in the home in your name to be secured as you are paying off the mortgage for them.

this can be done through a quit claim deed and it won't be much expensive. the deed can be prepared by you but it is advisable to take the help of an attorney as there are lots of clauses to be included.

after the deed is prepared and properly signed it should be notarized and recorded in the county's recorder office.

now if there is any real estate transfer it will incur tax with it. but, if it can be shown that you got the property without any exchange of money then perhaps there will be no tax imposed.

you must contact a real estate attorney in your area to get specific guidance as real estate transfers are complicated matters to handle and he would be right person to guide you. for more information on quit claim deed kindly refer this section.

regards,
blue

my dad just passed, the will states nothing about me and my two sisters, leaving my stepmother executor to the estate. we know my dads intention and he is trusting my stepmother to keep the house in the family. however the deed was in my dads name and my biological moms name- my mom has been ask to signed a quick claim- i think to transfer deed in my steop moms name. would this be wise to do? in divorce papers my mom did release all rights to my dad but her intention was for me and my two sibling to some day be able to benefit. my stepmom has also stated verbally that was his intention- however nothing is stopping her if she gets the deed in her name to pass estate along to who children- which was the last thing my dad would have wanted. help!!!

Hi, Rye

I think your mom shouldn't sign the deed as once she signed it the whole rights will go to your stepmom and she will have all the charge.

I hope I have understood your point.

Hi, Rye

No one can force anyone to sign the deed. It solely depends whether your mother wants to sign or not.

You can consult an attorney and I don't think that will be to costly. Good Luck.

Niicss

Would setting up a Quick Deed or Quit Deed be a better alternative to making a "WILL"?

Hi Marti,

I am not too sure on the legal aspect but, in my opinion a Will is better compared to a quit claim deed.

You must consult an attorney for more specific and appropriate answer.

Blue

Look, what I feel is, it depends on the purpose for which either of them is created.

Normally a Will is a legal document which contains a person's wishes regarding the disposal of his/her property after the death of that person.

Quit claim deeds are normally used to transfer interests in the property during life time of a person.

So, I don't think direct comparison is possible but you must ask an attorney for a perfect answer.