Posted on: 03rd Aug, 2010 08:44 am
I have co sign for property to my Daughter and Husband. I now want that siad property to be theresand for them to be able to make decision on that with out me being involved. Is it smart to do a quitclaim?
Hi ,
Welcome to forums.
You probably did the right thing to have co signed for the property to your duaghter and husband. Remember, a deed is basically a piece of paper that transfers interest in land from one person, known as the grantor, to another, known as the grantee. There is an important limitation to the quitclaim deed. This does not gaurantee that the property is the grantee's outright since it only transfers the rights that the grantor has in the property. If others with an interest in the property have not signed the deed, then their rights are unaffected by this document — they still retain their ownership. In most cases, the signed quitclaim deed is a simple and effective way to give up all interest in a property.You may use this as a guide and have a rethink if you truly want to give up all the interest in the property.
I think its time that you consult an attorney and discuss this issue. He will be the right person to tell you what kind of protection you can demand from your duaghter and your husband. You may find more help at mortgagerefinancing201.com
Thanks
Welcome to forums.
You probably did the right thing to have co signed for the property to your duaghter and husband. Remember, a deed is basically a piece of paper that transfers interest in land from one person, known as the grantor, to another, known as the grantee. There is an important limitation to the quitclaim deed. This does not gaurantee that the property is the grantee's outright since it only transfers the rights that the grantor has in the property. If others with an interest in the property have not signed the deed, then their rights are unaffected by this document — they still retain their ownership. In most cases, the signed quitclaim deed is a simple and effective way to give up all interest in a property.You may use this as a guide and have a rethink if you truly want to give up all the interest in the property.
I think its time that you consult an attorney and discuss this issue. He will be the right person to tell you what kind of protection you can demand from your duaghter and your husband. You may find more help at mortgagerefinancing201.com
Thanks