Posted on: 02nd Sep, 2009 06:43 am
hi my father in law has signed a quit claim deed over to his son, however the deed has been notarized but not recorded. he was advised by his attorney to not have it filed until his death. is the quit claim any good if filed after his death? also, there is mortgage on the home, we have suffered financial problems recently and our credit is shot. in the event of my falther in laws death can we just continue to pay the mortgage until we can secure our own loan on the house. and last should we file that quit claim deed before his death? i really appreciate any help, i am frantic worrying about all of this
Hi apadilla!
Welcome to forums!
As far as I know, the deed will not be considered valid if you try to file it after your father-in-law's death. Once your father-in-law transfers the property to his son, the grantee i.e., the son, will have to refinance the loan in his name. The lender may want you to do so immediately after the transfer of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, the deed will not be considered valid if you try to file it after your father-in-law's death. Once your father-in-law transfers the property to his son, the grantee i.e., the son, will have to refinance the loan in his name. The lender may want you to do so immediately after the transfer of the property.
Feel free to ask if you've further queries.
Sussane
I looked at the Quit Claim deed and it shows the transfer to both my father in law and my husband. So the house with still be in his fathers name also. Does that matter? And won't the bank give us time to sell the property if needed? that is what I thought, why the attorney said to file after his death baffled me.
Your father-in-law's name would be mentioned in the property deed as a grantor of the property. If the property is transferred to your husband, then his name would be mentioned in it as the grantee to the property.
As far as selling the property is concerned, you will have to negotiate with the bank so that the lender gives you a time period to sell off the property.
As far as selling the property is concerned, you will have to negotiate with the bank so that the lender gives you a time period to sell off the property.