Posted on: 25th Mar, 2013 07:00 pm
located in ny
in 2005 i purchased a strip of vacant land adjacent to my property through a quit claim deed. i re subdivided and combined the two parcels. in 2006 i took out a home equity loan and was told then by the lawyer for the bank that the strip of land i bought with the quit claim exposed me to the original seller’s mortgage. it was suggested i look into getting clear title to the property. long story short we looked but didn’t act. i just found out the quit claim grantor is selling. the property is not in distress or is the mortgage underwater.
assuming the grantor’s property sells, the grantor’s original mortgage will then be satisfied.
1. once the mortgage is satisfied will that “clear†my quit claimed portion of the property?
2. do i need to do anything before grantor’s property is sold?
in 2005 i purchased a strip of vacant land adjacent to my property through a quit claim deed. i re subdivided and combined the two parcels. in 2006 i took out a home equity loan and was told then by the lawyer for the bank that the strip of land i bought with the quit claim exposed me to the original seller’s mortgage. it was suggested i look into getting clear title to the property. long story short we looked but didn’t act. i just found out the quit claim grantor is selling. the property is not in distress or is the mortgage underwater.
assuming the grantor’s property sells, the grantor’s original mortgage will then be satisfied.
1. once the mortgage is satisfied will that “clear†my quit claimed portion of the property?
2. do i need to do anything before grantor’s property is sold?
hi jwheely!
welcome to the forums!
as far as i know, getting a property through a quitclaim deed won't make you liable for the mortgage unless you refinance it in your name. if the grantor sells off his share of the property and the mortgage gets satisfied, there there may not be any loan on that property and you will own it free and clear. you may speak to a real estate attorney and take his opinion prior to the grantor's selling off the property. he will let you know whether or not you need to do anything.
feel free to ask if you've further queries.
sussane
welcome to the forums!
as far as i know, getting a property through a quitclaim deed won't make you liable for the mortgage unless you refinance it in your name. if the grantor sells off his share of the property and the mortgage gets satisfied, there there may not be any loan on that property and you will own it free and clear. you may speak to a real estate attorney and take his opinion prior to the grantor's selling off the property. he will let you know whether or not you need to do anything.
feel free to ask if you've further queries.
sussane
Hi jwheely,
Yes, it is true that just getting a quitclaim deed won't make you responsible for the mortgage on that property. You will only be responsible for the mortgage if your name is added to the refinance docs. Once the original owner satisfies the mortgage dues, you will own the property free and clear.
Thanks
Yes, it is true that just getting a quitclaim deed won't make you responsible for the mortgage on that property. You will only be responsible for the mortgage if your name is added to the refinance docs. Once the original owner satisfies the mortgage dues, you will own the property free and clear.
Thanks
A quit claimed property interest is subject to any mortgage liens or other liens on it. Once the property sells, the mortgage lien will be removed and you will own the strip of land free and clear. You do not have to take any action.
