What are the tax implications of quit claim deed?

Hi,

Your father can sign a quit claim deed and transfer the property interest in his name. As a quit claim does not guarantee transfer of ownership, so it is better if he can use a title deed for getting the ownership in his name as your mother is disabled.

Thanks,

Sara.

My wife and I recently divorced. I paid her the money to get her off the Mortgage to the house... now I want her name off the title. How do I do this.

Hi Manoman,

Welcome to MortgageFit Forums.

You can get her name removed from the title through a quit claim deed. She can leave her interests in the house by signing this deed.

Consult a real estate lawyer and get the deed prepared and processed under him.

God bless you.

For MortgageFit,
Samantha

Hi,

Welcome to the forums.

It will be to your son's benefit if the ownership is obtained through a warranty deed rather than a quit claim deed. A warranty deed protects the buyer against certain title defects that can affect the property ownership. But a quit claim is not useful in this regard.

To know more on this issue, please go through http://www.mortgagefit.com/warranty-deed.html and http://www.mortgagefit.com/discuss/homebuying-deeds.html . Also contact an attorney and consult how you should get the warranty deed.

Please let us know if there are any more queries.

Thanks,

Caron.

Is it possible to write a quit claim deed yourself and have it notarized or is there a standard form to use and have it notarized. Does an attorney have to be in either process.


[Deleted email address as per forum rules. Thanks.]

my ex husband and i are divorced and the court ordered him to pay certain debt on time and to have our house refinance solely in his name only within 2 years. since that decree, jason has not made timely payment on the debts or the house mortgage and is renting the house to someone else. should i take him back to court under contempt of court and also ask for a quit deed claim.

Hi, Patreena

I have answered your query here.

http://www.mortgagefit.com/know-how/about3967.html

Hi Khristen,

It is not possible to write a quit claim yourself. There are standard forms available; you need to collect such a form and then consult your attorney. He will be the right person to help you while you notarize the deed.

Thanks,
Jerry.

my ex-husband and i divorced nine years ago. before the divorce, he re-financed the house and i was taken off the mortgage. at the time, i did not sign off on the deed.

now, he has sent me papers to sign -- a quit claim deed.

my question is...what rights do i have here? what are the consequences of just signing this thing over? the house has doubled in value, and in light of the fact i'm the one that paid for most of the mortgage during our married life, am i entitled to anything? what happens if i do not sign?

thanks.

Hi Cinderella,

"what are the consequences of just signing this thing over? "

A quit claim deedwill transfer the interest you have in the property to your ex-husband.

Cinderella about your other question
"what happens if i do not sign?"

Your ex-husband might take help of a real estate attorney and start a lawsuit to have your name removed from the title.

hi,

My mom is getting older. And my sisters are worried about the financial burden. My mom only has property and no other assests. Would quit claim be the best for it to be transfered over to me and 3 sisters in the best intrest of my mother?

Hi Mern,

Welcome to the forums.

I think it is better that you transfer the property from your mom to you and your sisters. A quit claim will be the best option if you wish tranfer only the interest and not the title. But in order to transfer the title, you can better sign a warranty deed which is a common form of real estate transfer.

Regards,

Jessica.

our older mobile home is financed in my mothers name only. she has since filed a quit claim listing her and my husband as owners. my mother is older and we would now like to refinance the house in my husbands name only how do we go about this?