Posted on: 24th Jul, 2009 02:34 pm
My mother and Aunt own a house together. My Aunt filed a Quitclaim Deed to put 50% of her ownership in a trust account. The only deed that comes up in the NY registrar of Deeds is My Aunts. I was told that the last filed deed is the legal one, is this true.
Hi kimehmorgan,
I guess your mother and your aunt each hold 50% of the property. Your aunt has put her portion of the property in the trust but your mother is still holding the ownership of the rest of the 50% of the property. Your mother and your aunt's trust - both are the owners of the property.
Thanks
I guess your mother and your aunt each hold 50% of the property. Your aunt has put her portion of the property in the trust but your mother is still holding the ownership of the rest of the 50% of the property. Your mother and your aunt's trust - both are the owners of the property.
Thanks
kimehmorgan
welcome to mortgagefit
Your mother and aunt both are having same equity in the house so even if your aunt have quitclaim her part to someone else, your mother equity remains the same and thus both the parties now (trust and your mother) are now new owner of the property.
keep in touch.........
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welcome to mortgagefit
Your mother and aunt both are having same equity in the house so even if your aunt have quitclaim her part to someone else, your mother equity remains the same and thus both the parties now (trust and your mother) are now new owner of the property.
keep in touch.........
:arrow: :arrow: :arrow: