Quitclaim Deed: A Document that transfers property-interest

My mother did a quit claim deed after my father, her husband passed away. That was 13 years ago. My mother has recently passed away. What are the capital gain implications? What is the cost basis of the house. My mother and father built this house in 1957. We have been given some varied answers. Some say no gain that the actual transfer of ownership did not occur until the time of her death. But others have said it was a the time of the signing of the quit claim deed. And then others have said cost basis is actual building cost of the house plus improvements made over the 40 years. Please help!!

No capital gains tax Bob, as your mother haven't sold the property. There is just a transfer of property ownership through quit claim.

I guess your mother has transferred the property to you through quit claim deed. Now, that's going to be taken as a gift. For the cost basis of gift property, refer to irs.gov/faqs/faq-kw34.html .

I recently purchases a piece of property to resale. The tax collectors office sent me a delenquent tax form. I contacted the title company i used to close the deal with and after several phone calls I found out through the assessors office that I had almost another quarter acre of property more than I had first thought. The title company said they would pay the delenquent taxes and wanted me to sign a quit claim deed on three homes that are below my property. These homes used to be part of the parcel until the former owner split it up to build these homes. My question to the title company was do I have any right of ownership to the homes and or land. They told me absolutley that I have no interest in any of the three homes or land. My next question was explain why you want me the grantor as described in the deed to sell each piece of land for the amount of ten dollars each to the grantees if I have no legal ownership of the properties. The lady from the title company said it was too diffilcult to explain and I told her to try me and she still could not explain this to me. The other quarter acre of land that I found out that I own does not run into the three homes below my property. Can you give me some advise on what I should do also can you tell me your opinion on my ownership if any on the 3 homes and property. Please respond back to "photomcknight@yahoo.com" Thank you Wesley

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Hi Wesley,

Welcome to our forums.

You might have purchased a property which was up for resale on account of tax delinquency. The title company you are dealing with wants you to sign a quit claim deed on 3 houses in return of which they will pay the delinquent taxes.

You can only be the owners of the 3 homes provided these are included in the property you have purchased. But if they are saying that you don't have any interest, then you should not sign the deed.

Until and unless you can find out the actual owner of the homes, you should not sign as the grantor. You may check the ownership of the properties from the public records available at the office of the County Recorder.

I can't say exactly but may be the company wants you to sign it as the grantor but later on you may get into trouble. So, avoid doing that and better pay the delinquent taxes yourself. If possible, change the title company and look for a suitable one.

Thanks,

Caron.

My wife and ai are divorcing I am on the load for our home she wants the house I am willing to gove up rights to it, however I solemy am on the bank note my concern is if i sign over my rights with a quick claim deed and she doesnt pay the morgage or walks off I will be legaly responsible correct? also will this hurt m sas I try to buy myself a home in the future? in other words will the bank see I still am on a mortgage enen though there is a quick claim deed ? and not give me a loan due to being over extended?

what do i do?

hi, please help me out. i was living in my uncle house who is moving out of state a couple years ago. he sell the house to me byasking me to make some down payment and continue to pay the mortgage under his name. and pay the rest the money later. now i want to mortgage to be under my name. i learn that in order to the for the property and mortgage under my name i had to refinance. my question how do i go approach the lender, should i tell them about my situation that i want to transfer mortgage and refinance under my name or do a quit claim deed and refinance?

thanks

So Mark, you are willing to give up the rights on your property. But you have your name on the mortgage note. Well then, you are solely responsible for the loan payoff. And, it will not hurt your credit score until and unless you don't make the payments in time.

If you are regular on the payments and clear the debt in full, then it cannot have a bad effect on your score.

Are you planning to take out another mortgage, this time, against the new home? I doubt whether the lender will allow it. He may consider it a risk to offer loan to someone yet to pay off a loan. But this depends upon the lender.

You can clarify this issue by consulting some lenders. Not all will agree but whoever agrees may charge you high rate of interest because of the loan against the first house.

What's your query jef?

hi guest,

welcome to forums.

you should discuss your situation with the lender and then either refinance or do a novation. i think a novation will be better because on refinance, you'll have to pay the closing costs all over again and that's again several dollars. a novation would be comparatively cheaper.

thanks,
james.

Because of my bad credit I was not able to co-sign for my husband. We've been married for 10 years and now have 3 homes. Two of which are rentals. I signed the quit claim deed 3 times for the properties, if something happens to our marriage, do I get my fair share of the properties?

Anamarie, if you are in a community property state you may have a claim over the property. Property laws vary from state to state and some states have not adopted the community property laws. You need to tell the state you are in.

signed special warranty deed to now x husband. attorney was notary did not notorize my signature, but has a seperate page notorized without my signature, i signed document under duress in texas.

Hi Anamarie,

If you have quit claimed the properties to your husband, then it will depend on as to whether he will give you a share of the equity from the properties. And, it will also depend upon whether you go for a court case or a mutual agreement regarding your divorce.

Thanks,

Sara

Hi Plugo,

Welcome to forums.

I think you should contact an attorney. In fact, you should have done it earlier when you had to sign under duress. He could have helped you right then and may be you might not have to sign under force. You should tell him that the deed was notarized without your signature being there.

Thanks,
James.