Posted on: 16th Nov, 2007 09:07 am
Hello,
If I have property under land contract terms can I quit claim that property to the tenants? and how? so the property is no longer in my name. If so will this release me of all liability?
If I have property under land contract terms can I quit claim that property to the tenants? and how? so the property is no longer in my name. If so will this release me of all liability?
you need to sit down with a title company or attorney to do the QCD.
Hopefully, you dont have a mortgage on the property in your name!
If you do have a mortgage then dont even think about taking your name off the title. Make sure your name is also coming off the loan!
Hopefully, you dont have a mortgage on the property in your name!
If you do have a mortgage then dont even think about taking your name off the title. Make sure your name is also coming off the loan!
hi chaundra,
welcome to this forum.
quitclaim only helps you to transfer the property but that does not release you from any financial liability on that property. if you have mortgage on that property quitclaim will not release you from that mortgage. so when you quitclaims make sure that your financial obligations are also removed by some way or the other. your tenant can refinance or make a novation to remove your name from the mortgage. you can also consult with an attorney regarding this.
thanks,
larry
welcome to this forum.
quitclaim only helps you to transfer the property but that does not release you from any financial liability on that property. if you have mortgage on that property quitclaim will not release you from that mortgage. so when you quitclaims make sure that your financial obligations are also removed by some way or the other. your tenant can refinance or make a novation to remove your name from the mortgage. you can also consult with an attorney regarding this.
thanks,
larry
