Should roommates/owners of a property sign a quit claim deed?

you need to negotiate with your roommate. if you are getting good value, do it.

Not selling property at this time, roommate just wants me to sign a quit claim deed now to attach to the deed showing that she owns 2/3 and I own 1/3.

as soon as you will sign a quit claim deed, you will loose your ownership right

that's my question, my 1/3 mortgage is in my name, she paid cash for her 2/3 and she wants me to sign a quit claim deed to record in the registars office, am I giving up my 1/3 by signing a quit claim deed?

ok.

you can sign quit claim deed as a grantor, your & roommate name as grantee.

in deed you can mention the distribution. i do not think there is any harm in signing quit claim deed. your roommate has already paid 2/3 of mortgage

not true, hemsleysue...it depends on the recipient of the quit claim, not just the signing of it.

how in the world did a mortgage lender define 1/3 of a mortgage?

this all smacks of foolishness.

house was already paid for with cash, all I did was buy 1/3 of it back from roommate with a mortgage loan (in the state of tennessee), the quit claim deed will be signed off by both parties, it shows she owns 2/3 and I own 1/3 which will be attached to the deed on record, hope this makes sense

yes, that makes better sense; thanks.

to gmakerley, so are you saying it is ok for both of us to sign this quit claim deed?

if i understand any of this, i'll be amazed. here's how i see what is being proposed:

the two of you, currently owners of the property (joint tenancy? tenants in common? - this has not been addressed) plan to quit claim to the two of you, once again. this quit claim will define the interest in the property as 66.67% hers and 33.33% yours.

if that's what the deal is, then i guess since you already agree that you own 1/3 of the house, it makes sense.

Q. is it "ok" for both of you to sign this quit claim deed?
A. i am not a lawyer, never was a lawyer and never will be. anything i say cannot be taken as a legal opinion - so don't call me later and complain. now, the two of you seem to be in agreement, so it would be foolhardy of me to tell you to not to do what you have already agreed to do (in theory). and, of course, human nature being what it is, you might go ahead and do what you want anyway no matter my opinion.

if you think you're doing the right thing, then you may as well do it. you don't mention any legal advice having been sought or received, so i gather from that you're comfortable with advice from lay people.

Why cannot you have a legal agreemnt between the two of you.

Ask for an attonry to draft this agreement and make it easy