Posted on: 03rd Apr, 2007 09:21 pm
My parents and I are on the title, but I am the only one on the loan. My parents are on the loan since they provide the down payment to the house. They agreed to give me the full proceeds when I sell the house. They do not reside in the house. I plan on selling the house and filed a quickclaim deed in the state of texas. I did this for 2 reasons. 1) parents agreed to give me full proceeds from sale of house. 2) they never lived there and don't know of any problems with the house. I disclosed the problems I know of on the sellers disclosure. They don't want to be liable if the future buyer sues.
By doing a quick claim deed, does this make the buyer's loan company not want to approve his loan? Does this take away any liablility against my parents if there are any future lawsuits from the buyer? Do my parents need to be present at closing?
By doing a quick claim deed, does this make the buyer's loan company not want to approve his loan? Does this take away any liablility against my parents if there are any future lawsuits from the buyer? Do my parents need to be present at closing?
typo.. my parents are not on the loan.. i'm the only one on the loan.. i meant to say that my parents are on the title.
brad,
quit claim deed does not make the buyer's loan company approve the loan. the buyer can only get the loan if he fulfills certain requirements on fianncial and credit grounds, i mean having a good credit score.
quit claim deed does not make the buyer's loan company approve the loan. the buyer can only get the loan if he fulfills certain requirements on fianncial and credit grounds, i mean having a good credit score.
A question here brad - does the mortgage company know that you are selling property? They should be oncerned about your paying down the debt.
thanks guys.. perhaps I worded the question poorly.
I meant to ask, by filing a quick claim deed, is there any adverese affect that I will encounter when the buyer tries to get a clear title? I don't think it does, but wanted to check.
My main question is whether a quck claim deed will release my parents from being liable in a law suit if the buyer sues for non-disclosure on the seller disclosure form. I'm not trying to be sneaky, but since they never lived in the house, they weren't aware of any disclosures. I disclosed everything I knew of and wanted to know whether the quick claim deed release them from future law suits. thanks all
I meant to ask, by filing a quick claim deed, is there any adverese affect that I will encounter when the buyer tries to get a clear title? I don't think it does, but wanted to check.
My main question is whether a quck claim deed will release my parents from being liable in a law suit if the buyer sues for non-disclosure on the seller disclosure form. I'm not trying to be sneaky, but since they never lived in the house, they weren't aware of any disclosures. I disclosed everything I knew of and wanted to know whether the quick claim deed release them from future law suits. thanks all
Welcome Brad,
I don't think you will have any adverse effect. But the quit claim deed will not help release your parents from being liable in any lawsuit.
I don't think you will have any adverse effect. But the quit claim deed will not help release your parents from being liable in any lawsuit.
thanks.. what type of deed will I need to release my parents from liability?
Also, since I filed the quick claim, my parents do not need to be present at closing, correct? As mentioned before, my parents and I were originally on the title/deed, but now I removed them using the quick claim.
Also, since I filed the quick claim, my parents do not need to be present at closing, correct? As mentioned before, my parents and I were originally on the title/deed, but now I removed them using the quick claim.
Hi brad,
Once you have filed the quit claim deed, you are the owner and whne you sell it, there's no need for your parents to be present at closing. The settlement or the closing as you say requires the presence of the buyer, the seller, the buyer's lender, and the closing agent.
I would have happier to have answered your first question. But then I am not a bit confused. Do you mean to say what type of deed can release your parents from future lawsuits from the buyer? And if yes, then why do you think the buyer will file a lawsuit? I guess you will be making the loan payments before you sell?
Thanks,
Sara
Once you have filed the quit claim deed, you are the owner and whne you sell it, there's no need for your parents to be present at closing. The settlement or the closing as you say requires the presence of the buyer, the seller, the buyer's lender, and the closing agent.
I would have happier to have answered your first question. But then I am not a bit confused. Do you mean to say what type of deed can release your parents from future lawsuits from the buyer? And if yes, then why do you think the buyer will file a lawsuit? I guess you will be making the loan payments before you sell?
Thanks,
Sara
the US is a sue happy country.. and unfortunately, people love to sue.. since my parents never lived here (they have money), I want to protect them from any future law suits if they ever occur. i don't think it will occur, but you never know. i was the only one occupying the place. they were only on the title since they gave me the proceeds for the downpayment when I originaly purchase the house so they owned a percentage of the house. now, that I am the sole owner by title (house has a mortgage), I want to take full responsibilty if any problems occur. I don't anticipate a lawsuit. I disclosed everything and the buyer is going to have an inspection on the house anyways, but I just rather play it safe. Does that make sense?
yes - I would like to know what type of deed would release them of all liabliilty..
Yes Brad, I appreciate your concern for your parents. But I am not aware of such a deed. Its better to consult a lawyer in this regard.