Posted on: 12th Jan, 2009 07:17 am
can a quit claim deed be legal and binding if a family member dies entrusts the home to a family member w/o a title transfer. the family member then entrusts to another family member. the original owner is deceased, there is a will entrusting the home to a family member who has been paying the taxes. now, the family member wants to entrust the home to another family member to pay the taxes, fix the home, then rent. is there any protection that can be given to the grantee, will the grantee ever be able to seek equity for repairs, and is the grantee responsibe to compensate the grantor from monies received through renting the property
monica - louisiana
monica - louisiana
Hi rarediamond,
If there is a recorded quitclaim deed which mentions that the grantor has given the property to the grantee, then the grantee is the sole owner of the property. The grantee can then sell off the property or rent it. The grantee will not be answerable for his actions to anyone regarding the property. But once the grantee sells off the property, then he/she will have no right on the property. It will be the new owner's property. Now the new owner of the property will be responsible for the taxes or other repairs.
Thanks
If there is a recorded quitclaim deed which mentions that the grantor has given the property to the grantee, then the grantee is the sole owner of the property. The grantee can then sell off the property or rent it. The grantee will not be answerable for his actions to anyone regarding the property. But once the grantee sells off the property, then he/she will have no right on the property. It will be the new owner's property. Now the new owner of the property will be responsible for the taxes or other repairs.
Thanks