Posted on: 08th Apr, 2011 08:11 pm
if there is a lien against the property, will it prevent a quick deed from being processed
Hi drich,
A lien on the property won't prevent a quitclaim deed from being processed. But after the property is transferred to someone else, then that person will become liable for paying off the lien.
A lien on the property won't prevent a quitclaim deed from being processed. But after the property is transferred to someone else, then that person will become liable for paying off the lien.
Hi drich724,
Welcome to Mortgage fit,
Firstly what you are mentioning is quitclaim deed...Most people do get confused with these similar terms...quickclaim and quitclaim...
If you are quitclaiming the property as a gift or transfering it from parents to children then both the parties are most probably aware about the lien history...So if both the beneficiary and the person who quitclaim are aware about the liens history and agree to go ahead with it then I do not find any reason to have any problem with quitclaim deed.....
But if some monetary gain is involved in the deal then surely it is the responsibility of the buyer that he/she should look before buying it....He/she can get the idea about the lien history from the county office...
feel free to ask any further query if you have...
DIPA
Coming back to your question...
Welcome to Mortgage fit,
Firstly what you are mentioning is quitclaim deed...Most people do get confused with these similar terms...quickclaim and quitclaim...
If you are quitclaiming the property as a gift or transfering it from parents to children then both the parties are most probably aware about the lien history...So if both the beneficiary and the person who quitclaim are aware about the liens history and agree to go ahead with it then I do not find any reason to have any problem with quitclaim deed.....
But if some monetary gain is involved in the deal then surely it is the responsibility of the buyer that he/she should look before buying it....He/she can get the idea about the lien history from the county office...
feel free to ask any further query if you have...
DIPA
Coming back to your question...
You don even need to have any ownership in a property to quitclaim it to someone else. Existing lien make no difference. If you were liable on the lien prior to the quitclaim deed, yre still liable. Same applies to the grantee the party to whom you deed the property does not magically become for the lien if not on the note. The grantee will need to continue to make payments or risk losing the property but the liability, due to lack of liability, will not be report on the grantees credit report nor can a judgment be taken.