Posted on: 22nd Sep, 2008 05:57 am
MY BROTHER-IN-LAW HELPED US OUT PURCHASING OUR HOME UNDER HIS CREDIT SINCE OURS WAS TOO BAD 5 YEARS AGO.WE FEAR THAT SINCE HE IS IN NEED OF $$$ WE ARE TROUBLED BY WHAT CAN HAPPEN WITH OUR HOME OF FEAR HE WOULD TRY BORROWING MONEY,SINCE HIS NAME IS ON THE DEED HE HAS ALL RIGHTS TO GET ACCESS TO A LOAN ON THE HOME.WE HAVE 10 YEARS TO PAY THE MORG. OFF BUT WE DONT WANT TO TAKE THE CHANCE ON THE NEXT 10 YEARS OF THE NOT KNOWING.SO WHAT IM ASKING IS,IS A QUIT CLAIM TO RESOLVE OUR FEARS OR WILL IT BE MORE FEARS.THE PROPERTY WE OWN IS IN FLORIDA.THANKS FOR YOUR TIME & TROUBLE.
Hi BEVERLY MCCAULEY!
Yes, a quitclaim deed is possible in this case provide your brother in law is ready to sign the deed. In case he does not sign the deed, you can offer him money so that he gives up his interest in the house. This is known as "buying out co-owner".
Yes, a quitclaim deed is possible in this case provide your brother in law is ready to sign the deed. In case he does not sign the deed, you can offer him money so that he gives up his interest in the house. This is known as "buying out co-owner".
Hi BEVERLY MCCAULEY!
Welcome to Forums!
Yes, buying out co-owner is an option for you.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Yes, buying out co-owner is an option for you.
Feel free to ask if you have further queries.
Sussane