Posted on: 27th Feb, 2007 02:51 am
I want to add someone as co-owner of a residential property that I own free and clear of any loans. I live in Texas?
Welcome John,
You can use quitclaim deed to add someone as co-owner.
You can use quitclaim deed to add someone as co-owner.
Hi John,
Your property is free from any type of lien, so you can use a grant deed instead of a quitclaim.
The grant deed offers the guarantee that the person transferring the property interest is the legal owner of the property. But the quitclaim does not state who the legal owners are. It just mentions that there has been a transfer of interest in property.
You may consult an attorney and explain him your rquirements so that he can prepare the deed accordingly keeping in mind the state laws.
Thanks,
Sara
Your property is free from any type of lien, so you can use a grant deed instead of a quitclaim.
The grant deed offers the guarantee that the person transferring the property interest is the legal owner of the property. But the quitclaim does not state who the legal owners are. It just mentions that there has been a transfer of interest in property.
You may consult an attorney and explain him your rquirements so that he can prepare the deed accordingly keeping in mind the state laws.
Thanks,
Sara
I live in Nevada have property in lehigh acres Florida. I just want to add my daughters name to it. I don't want to transfer it to her, I just want to simply add her name in case something happens to me! Please help!!!
betty, you'd be best served to do this via quit claim. generally, you as owner would be transferring your interest in the property to both your daughter and yourself, thereby ensuring that you remain an owner as well.
do you have to let the mortgage company know if you transfer partial ownership
yes, ben; if your mortgage contains a due-on-sale clause (and it will), then you must notify them. they can direct you to pay that loan in full if they so choose. i will point out, however, that many people do such transactions without notifiying their lender, and that causes them to run the risk of the lender finding out on its own. that wouldn't result in any penalties if they did - they'd just not be so pleased, i suppose.
The following is a quote from an earlier response to an inquiry. Can you tell me the following: if it is true that the quitclaim does not show who the
legal property owners are, how does this help a property owner legally effect co-ownership while at the same time allowing one to verify ownership?
Your property is free from any type of lien, so you can use a grant deed instead of a quitclaim.
The grant deed offers the guarantee that the person transferring the property interest is the legal owner of the property. But the quitclaim does not state who the legal owners are. It just mentions that there has been a transfer of interest in property.
legal property owners are, how does this help a property owner legally effect co-ownership while at the same time allowing one to verify ownership?
Your property is free from any type of lien, so you can use a grant deed instead of a quitclaim.
The grant deed offers the guarantee that the person transferring the property interest is the legal owner of the property. But the quitclaim does not state who the legal owners are. It just mentions that there has been a transfer of interest in property.
a quit claim deed can be used by anyone. in other words, a party receiving a quit claim deed cannot be certain (based on the deed itself) that the person conveying the property is, in fact, an owner of that property.
if you're talking about a simple situation, such as adding an owner to the existing title, then a quit claim deed is perfectly appropriate. in other words, if person a is quit claiming his/her interest in a property to person a and person b (him/herself plus another person), then there's no need to verify anything, as long as person a is already the owner. i hope that made a little sense.
if you're talking about a simple situation, such as adding an owner to the existing title, then a quit claim deed is perfectly appropriate. in other words, if person a is quit claiming his/her interest in a property to person a and person b (him/herself plus another person), then there's no need to verify anything, as long as person a is already the owner. i hope that made a little sense.