What are the tax implications of quit claim deed?

Hi,

I think you will get the interest in the property in your name when the lady passes away because you have already obtained the right of survivorship.

Thanks,
Jerry.

Hi!
My friend and I have a property with both our names on the deed. If a lein is placed on the property from a bill she owed and she passes away will the lein still be owed after her passing?

Thanks

Hi guest,

Welcome to the forums.

Since your friend owes the bill, so it is her responsibility to pay it off and remove the lien. But if she passes away, you will have to repay as both of your names are on the deed. Otherwise, you may lose the property on account of the lien.

Thanks,

Caron.

When a property is Quit Claimed over to a spouse thru a divorcee decree and the Quit Claim is not recorded for months when is the property out of the persons name when it is recorded or when the divorce degree is signed?

hi kathleen,

welcome to mortgagefit forums.

there is no compulsory legal requirement to get a deed recorded in order to be valid.

a deed is also legitimate even when it is not recorded. a quit claim deed becomes valid after the required persons sign it.

recording of the deed is required for public reference like when the person applies for a mortgage loan or wants to refinance or sell the property then the lender or the buyer might like to see the title record of the property.

a divorce attorney can guide you well in this matter and can assure that divorce decree holds the required statements to transfer the property in the name of one spouse.

god bless you.

for mortgagefit,
samantha

Kathleen,

It is true that a divorce decree holds the statement as to whom the property is to be awarded. But the spouse who gets the property as a result of it must be particular in getting the quit claim deed signed by his/her ex.

I have found a lot of cases where the spouse, who was awarded the house, had faced problems while selling it in the absence of a quit claim deed.

Although depending upon the laws in the state the spouse may still be able to get a court order through a family court which can be filed in lieu of a quit claim deed, but why to bring that unnecessary trouble!

It's better if things are sorted out earlier. It is always advisable to be in touch with the divorce attorney and take his suggestions regarding the transfer after divorce.

Recording of the deed is for public reference as said Samantha and is not a compulsory requirement.

My father is exceutor and power of attorney for his brother's estate and lives in his house. His brother is in the nursing home. My mother and father are divorced but still live together in the familly home. My father now has cancer and is afraid when he dies medicaid will put a lean on the house(because of the brother in the nursing home's bills) and my mother will not have a house to live in. Can the house be quick deeded over to me? I am not sure of who is holding the title. If possibily the courts have to approve this how could we try to save this house for my mother to live there? please help

Hi,

The type of power of attorney can decide on whether your father can sign a quit claim deed to your mother.

If he hasn't got the authority to sign the deed then probably the courts need to approve and execute the deed by authorizing a person.

You need to consult a good real estate attorney to deal with this situation as any real estate transfers involve complex legal matters.

If your father has got a special power of attorney to sell the house then he can sign a quit claim deed to your mother. A lawyer's assistance is required in this regard.

my mom wants to give her house to me. the mortgage is paid off and the title is clear with only her name on it. i don't have much money and want to avoid taxes. if a quit claim deed is used what money must be paid if i sell the house. secondly, i have also heard about adding my name to the title where this allows me to keep the house until she passes or we can sell it together. how does title changes work with adding a name and selling the property?

Hi Laura,

If you are interested to add your name to the title, it is better to sign a title deed instead of the quit claim deed. This is because, with a quit claim deed, the transfer of ownership is not guaranteed; all you get is a share of the grantor's interest in the property. And, you should sell it only after you have added your name through the title deed.

Thanks,
Jerry.

Hi,

The costs of selling the property falls within a range of 7% to 8% of the sale price. The cost for selling includes:

• Real estate commission if you appoint a real estate agent.
  
  
• Costs of advertising, signs and other fees if you sell by owner.
  
  
• Fees for closing agent, attorney.
  
  
• Excise tax for property sale.
  
  
• Prorated costs for your share of annual expenses - property taxes, home owner association fees.
  
  
• Fees for surveys, inspections.

You will get an estimate of the seller's costs from a real estate agent.

Thanks,

Sara

Hi,

You can keep the property with you when your mother passes away provided your name is on the title and there's no will left by her which states that the property will be inherited by a third person.

As far as selling the property is concerned, you can do it together provided both of your names are on the title.

thanks.

My mother is on disabilty and cannot own property or she will lose it. Could my father do a quick deed? How much generally would a lawyer charge for this to take place?

I didn't understand the question properly.

You father can quit claimed to you and that whole process is not a costly affair.