Posted on: 21st Nov, 2013 01:30 pm
23 happily married but I still want to know my options. I consigned for my wife to purchase as duplex for her family and ourselves after graduating college ( her parents lost their house so we helped them in this way). The plan was to transfer everything to her parents after fixed their credit and paid off most of their debt. Is using this quitclaim the best way for me and my wife to transfer all legal, financial etc. responsibility of the house to her parents?
Another question, if divorced, does the quitclaim relieve me of the legal, financial etc responsibility?
One last question, is the quitclaim something I have to hire someone to do? Or is it something I can do myself?
Sorry about all the questions. I just want to know my options. Thanks in advanced.
-justwanttoknow
Another question, if divorced, does the quitclaim relieve me of the legal, financial etc responsibility?
One last question, is the quitclaim something I have to hire someone to do? Or is it something I can do myself?
Sorry about all the questions. I just want to know my options. Thanks in advanced.
-justwanttoknow
If there is a loan against the property, it would have to be refinanced into the parents name solely. If there is no loan, then a quit claim deed would be used to transfer ownership to the parents. Once title has been transferred and any loan has been satisfied, your ownership has ceased and then you are no longer responsible.
Hi Jsant,
You can take help of an attorney to draft a quitclaim deed and transfer the ownership of the property to the parents of your wife. Unless they refinance, you will not be able to get rid of your financial responsibilities toward that debt.
Thanks
You can take help of an attorney to draft a quitclaim deed and transfer the ownership of the property to the parents of your wife. Unless they refinance, you will not be able to get rid of your financial responsibilities toward that debt.
Thanks
