Posted on: 22nd Aug, 2007 09:59 am
My mother and father are in their 80's, and in very poor health. My father recently went to live in an ALF, I am his daughter and have POA for all business/financial and medical directive decisions. My parents own 3 lots approx 1 acre in the state of florida, and of course want their three children to each get a lot when they pass.
One brother lives in Ohio, and does not want the property in florida, and wants to sell it and get $ to put into his retirement account or 401 K or something? He says he will never live in florida and the property is of no use to him. MY question is, Is a Quitclaim deed the way to go when selling a piece of property that has a clean title, has been owned by my parents for 20 years, and has no liens of any type?? Will my fathers name be taken off the title of the property if a Quitclaim deed is done. Or if we do a Quitclaim deed and sell the property for an agreed upon cash amount, with no loan or mortgage of any type. If and when my father passes will his name still be on the title and be subject to probate. ????? I assume that the person buying the property will be going directly to the county court house the same day we do the quitclaim to have it filed through the courts.
One brother lives in Ohio, and does not want the property in florida, and wants to sell it and get $ to put into his retirement account or 401 K or something? He says he will never live in florida and the property is of no use to him. MY question is, Is a Quitclaim deed the way to go when selling a piece of property that has a clean title, has been owned by my parents for 20 years, and has no liens of any type?? Will my fathers name be taken off the title of the property if a Quitclaim deed is done. Or if we do a Quitclaim deed and sell the property for an agreed upon cash amount, with no loan or mortgage of any type. If and when my father passes will his name still be on the title and be subject to probate. ????? I assume that the person buying the property will be going directly to the county court house the same day we do the quitclaim to have it filed through the courts.
"MY question is, Is a Quitclaim deed the way to go when selling a piece of property that has a clean title, has been owned by my parents for 20 years, and has no liens of any type??"
Yes you can use a quit claim deed to sell the property but buyer may want that a warranty deed be used. The reason is that a warranty deed provides buyer assurance of receiving clear title.
As you have POA, you can sign on behalf of your parents on title transfer documents for the sale to complete.
"Will my fathers name be taken off the title of the property if a Quitclaim deed is done."
Yes after the deed (quit claim or warranty deed) is made, your father will not remain on the title.
"If and when my father passes will his name still be on the title and be subject to probate. "
No Shicks, as the title transfer is going to take place right now, his name will not remain on the title.
Yes you can use a quit claim deed to sell the property but buyer may want that a warranty deed be used. The reason is that a warranty deed provides buyer assurance of receiving clear title.
As you have POA, you can sign on behalf of your parents on title transfer documents for the sale to complete.
"Will my fathers name be taken off the title of the property if a Quitclaim deed is done."
Yes after the deed (quit claim or warranty deed) is made, your father will not remain on the title.
"If and when my father passes will his name still be on the title and be subject to probate. "
No Shicks, as the title transfer is going to take place right now, his name will not remain on the title.
As you have power of attorney, there should not be any problem in getting the lots sold.
After the deed is recorded your father's name will not remain on the title. But if only one lot is being sold then his name will remain on the other two.
After the deed is recorded your father's name will not remain on the title. But if only one lot is being sold then his name will remain on the other two.
Hi Shicks,
As the property is free of any lien, a warranty deed will be a better option to transfer the property from your father to your brother. This type of deed warranties the lien free property and also the real owner of the property before the transfer.
When your father will sign the deed, he will give up his ownership rights of the property and thus his name will not be reflected on the title anymore.
As the property is free of any lien, a warranty deed will be a better option to transfer the property from your father to your brother. This type of deed warranties the lien free property and also the real owner of the property before the transfer.
When your father will sign the deed, he will give up his ownership rights of the property and thus his name will not be reflected on the title anymore.