Posted on: 20th Feb, 2009 11:53 am
There is a gentleman who is wanting to quit claim a house over to us because he is upside down on his mortgage by a little and can not sell. We are willing to take over the house payments we just want to make sure he can not come back on us later and get the house back when his situation changes. Any Advice?
Hi Chance,
A quitclaim deed would be good option to get the title to the property transferred to your name. Once a quit claim deed has been properly signed by the grantor, notarized and recorded, the grantor loses all his/her rights to the property. Thus, I don't think the grantor can come back on you later. A reversal of such a deed is also not quite possible unless you sign it back to him/her. If you want, you can also go for a title insurance coverage which will protect you from any title claims in future.
A quitclaim deed would be good option to get the title to the property transferred to your name. Once a quit claim deed has been properly signed by the grantor, notarized and recorded, the grantor loses all his/her rights to the property. Thus, I don't think the grantor can come back on you later. A reversal of such a deed is also not quite possible unless you sign it back to him/her. If you want, you can also go for a title insurance coverage which will protect you from any title claims in future.