Hi Darry,
Welcome to this forum.
Yes if they have given the quitclaim deed then that means you owns the property but have you notarized and recorded the deed in your county recorder office. If you do have not record the deed and notarized the deed then it will not be a valid deed?
Feel free to ask if you have any further questions.
Best of luck,
Happy holidays
Welcome to this forum.
Yes if they have given the quitclaim deed then that means you owns the property but have you notarized and recorded the deed in your county recorder office. If you do have not record the deed and notarized the deed then it will not be a valid deed?
Feel free to ask if you have any further questions.
Best of luck,
Happy holidays
hello darryl,
if you are listed on the quit claim deed as the grantee then the ownership has been transferred to you. but the deed has to be notarized and recorded in order to make it valid, as larry has already pointed out.
if you are the sole owner of the property then you may sell it off any time you want to. but if the purchase price exceeds the selling price, you may be required to pay a capital gains tax. and if you do not occupy this house as your primary residence for a minimum of 2 years out of 5 years before selling it, you shall not be eligible for the capital gains exemption of $ 250,000.
if you are listed on the quit claim deed as the grantee then the ownership has been transferred to you. but the deed has to be notarized and recorded in order to make it valid, as larry has already pointed out.
if you are the sole owner of the property then you may sell it off any time you want to. but if the purchase price exceeds the selling price, you may be required to pay a capital gains tax. and if you do not occupy this house as your primary residence for a minimum of 2 years out of 5 years before selling it, you shall not be eligible for the capital gains exemption of $ 250,000.
Hi Darryl,
If you have purchased the home and have been given a quitclaim deed, it implies that the property-title will now be showing your name as the owner.
I do have a question here, do you have a mortgage on the property? If yes, well then in that case, you may have problems in selling it as the lender may call the loan due if there is an acceleration clause on your mortgage note. If such a clause doesn't exist on the note, then you may very well resell it and pay off the loan, if any. Any say, if you gain from the sale price, then you may have to pay capital gains tax, provided you do not fall under the exemptions.
Hope this helps...
God bless you.
Samantha
If you have purchased the home and have been given a quitclaim deed, it implies that the property-title will now be showing your name as the owner.
I do have a question here, do you have a mortgage on the property? If yes, well then in that case, you may have problems in selling it as the lender may call the loan due if there is an acceleration clause on your mortgage note. If such a clause doesn't exist on the note, then you may very well resell it and pay off the loan, if any. Any say, if you gain from the sale price, then you may have to pay capital gains tax, provided you do not fall under the exemptions.
Hope this helps...
God bless you.
Samantha
If you are on the title of the home then yes you can sell it.
I own some property and have a mortgage at a bank. I sold my property on contract and he is paying off the note. However, he also sold my property and took 10,000.00 cash, even tho the note at the bank is still being paid is his selling my property when he does not have clear title legal?
no need to post your same question more than once, linda. i just answered this somewhere else.
if there's a mortgage on the property that your buyer sold to his buyer, then his buyer cannot possible have clear title.
if there's a mortgage on the property that your buyer sold to his buyer, then his buyer cannot possible have clear title.
