Posted on: 28th Oct, 2007 04:20 pm
my mom hates my dad. she says that if my dad says he's gonna quit claim his condo to me, as he has, that it's so full of debt that i'll owe money after the debts are subtracted from the value of the property and land. is this possible? she said today that her 1/2 million in property and assets is going to my hyperdermic needle using brother instead of me because i am so stupid as to let my dad do this to me. sounds to me like yet another excuse to shower her longtime favorite with presents. what do you think?
Welcome Ed,
If your dad is going to sell the property, he will have to convince you to do so because after the quitclaim, you have ownership rights on it. And, if you allow for the sale of the property, the proceeds left after paying off the debts will be yours.
If your dad is going to sell the property, he will have to convince you to do so because after the quitclaim, you have ownership rights on it. And, if you allow for the sale of the property, the proceeds left after paying off the debts will be yours.
Hi Ed,
Your father has signed the quitclaim and transfer the property to your name. So you own the property now. In quitclaim, deed you will only own the property not the debt associated with it.
Thank you,
Larry
Your father has signed the quitclaim and transfer the property to your name. So you own the property now. In quitclaim, deed you will only own the property not the debt associated with it.
Thank you,
Larry