Posted on: 22nd Apr, 2006 06:19 pm
Can I lose the rights to my property after sign a Quit Claim? The grantee can sell the house without my concern, without my authorization?
Hi Guest,
It seems that you have asked a similar question earlier in the forum. There many community members including me have replied to you. To view my reply, you may refer to http://www.mortgagefit.com/quitclaimdeed/ownershiptransfer-financialresponsibility.html
It seems that you have asked a similar question earlier in the forum. There many community members including me have replied to you. To view my reply, you may refer to http://www.mortgagefit.com/quitclaimdeed/ownershiptransfer-financialresponsibility.html
I recently got married may 07, and know that the state that we reside in gives the both spouses owner ship to real property. I have a house on the marke that I had before my marriage, if I request my spouse to sign a quit claim deed will this revert all my equity and title back to me?
Hello Jane,
Yes, if your husband quit claims his share to you, you can get back the title in your name.
Yes, if your husband quit claims his share to you, you can get back the title in your name.
Hi,
will you please explain a Life Estate Plan for me . We are a Senior Citizens we've been thinking about doing a quit claim deed on our property. After reading soome of your answers to quit claim deeds we are having second thoughts.
will you please explain a Life Estate Plan for me . We are a Senior Citizens we've been thinking about doing a quit claim deed on our property. After reading soome of your answers to quit claim deeds we are having second thoughts.
Hi Melvia,
Welcome to our forums.
A life estate on any deed which transfers property from one person to another helps the grantor to stay in the property till death even though the property is transferred to his children.
As long as the grantor holds life estate on the property, he is responsible for paying the maintenance costs including property taxes. Upon death, the life estate exists no more and the children owns the property.
"After reading soome of your answers to quit claim deeds we are having second thoughts. "
I didn't get you. What second thoughts do you have? please explain. It will help me give you any suggestions regarding property transfer.
Good luck
Welcome to our forums.
A life estate on any deed which transfers property from one person to another helps the grantor to stay in the property till death even though the property is transferred to his children.
As long as the grantor holds life estate on the property, he is responsible for paying the maintenance costs including property taxes. Upon death, the life estate exists no more and the children owns the property.
"After reading soome of your answers to quit claim deeds we are having second thoughts. "
I didn't get you. What second thoughts do you have? please explain. It will help me give you any suggestions regarding property transfer.
Good luck
married 6 months, in event of unforseen death, as a spouse is it necessary for the quit claim deed , spouse has grown children. Im i protected as far as losing home?
Hello Yolanda,
If the deed has your name with joint tenancy with rights of survivorship, you will get the property after your spouse's death.
If the children only are named as beneficiaries then, they will get the property.
If you ask your spouse to quit claim a portion of the property to your name with rights of survivorship, then you will own the property after spouse's death.
There is another option. A will may be created with your name as a beneficiary to ensure your share of ownership.
If the deed has your name with joint tenancy with rights of survivorship, you will get the property after your spouse's death.
If the children only are named as beneficiaries then, they will get the property.
If you ask your spouse to quit claim a portion of the property to your name with rights of survivorship, then you will own the property after spouse's death.
There is another option. A will may be created with your name as a beneficiary to ensure your share of ownership.
The house I live in now was bought in a survivorship with my father, my mother and myself. My mother passed away, which left my father and I 1/2 owners of the house. He has since signed a quit claim deed on the house 1 1/2 years ago. The house was purchased for $336,000. If I sell the property, will I have to pay capital gains on it? I am planning on buying a $200,000 condo and giving him back the difference of the selling price. Please help!
Hi Kelley,
What is the selling price of the house?
You will have to pay capital gains tax on the profit you make from selling the house.
There are certain ways by which you can avoid to pay this tax. If you have been living in this house for a minimum of two years, you can exclude up to $250,000 of the gain.
What is the selling price of the house?
You will have to pay capital gains tax on the profit you make from selling the house.
There are certain ways by which you can avoid to pay this tax. If you have been living in this house for a minimum of two years, you can exclude up to $250,000 of the gain.
Hi Kelley,
You have to pay Capital Gain Tax if you have earned a certain amount of profit on the selling price as mentioned above. It depends upon how long you are staying in the house and how much you are gaining through the sail.
Thanks,
Larry
You have to pay Capital Gain Tax if you have earned a certain amount of profit on the selling price as mentioned above. It depends upon how long you are staying in the house and how much you are gaining through the sail.
Thanks,
Larry
my daughter could not pay her mortgage and was about to forclose on the home so my husband and I signed an agreement with her to pay of the loan in turns she quikclaimed the property over to us. Now she is refusing to pay the agreed amount of money to pay us back. Does she have any rights to the property?
Hello Betty,
If she has already transferred the ownership to you with the help of a quit claim and the deed has been notarized and recorded at the county office, then she doesn't have right to the property any more.
Is the mortgage still in her name or have you refinanced it in your name?
If she has already transferred the ownership to you with the help of a quit claim and the deed has been notarized and recorded at the county office, then she doesn't have right to the property any more.
Is the mortgage still in her name or have you refinanced it in your name?
there are two owners of a condo one wants to transfer ownership will a quit claims deed handle this and will all three person involve need to go to a lawyer for this to happen.
Hi Sylvia,
Welcome to this forum.
You are saying "one wants to transfer ownership ". Does he want to sell the property or just gift it away?
If he wants to gift his share of property, then quitclaim deed is the right choice but if he wants to sell the property, then it will be better if he uses a Warranty deed.
For the transfer of property, it is always better if you take help form an attorney.
Thanks,
Larry
Welcome to this forum.
You are saying "one wants to transfer ownership ". Does he want to sell the property or just gift it away?
If he wants to gift his share of property, then quitclaim deed is the right choice but if he wants to sell the property, then it will be better if he uses a Warranty deed.
For the transfer of property, it is always better if you take help form an attorney.
Thanks,
Larry
My husband and I are in the process of trying to sell our old house to my brother in law, but due to his divorce that was final in June 2007, his name is still on his old house. We currently have a land contract with him on our old house and we were told to do a quit claim deed to add him to our title and then we can turn around and have him take my husband and my name off the title to just have his name. Would we still be responsible for that home since I believe our names will still be on the mortgage?