Posted on: 06th Aug, 2008 05:49 am
My husband owns a small business. The house and mortgage is in both our names. His business may go under after 19 years of doing business. Can we quick claim the deed to me so I do not loose my home?
My mother has only a coulpe of months to live and she wants us to put her home in our name so it wont go to probate, may we quick claim her home, she is aware and can sign papers
Hi Kathleen!
Welcome to forums!
Yes, she can quitclaim the property to you all including a life estate clause in the deed which will give her the rights to stay in the property until death.
You all can also go in for a joint tenancy with right to survivorship. In this type of ownership, the co-owners have a right of survivorship, so that when one owner dies, that owner's interest in the property will pass to the surviving owners. The deceased owner's interest in the property evaporates and can only be inherited by the co-owners of the property. This is also helps in avoiding probate.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Yes, she can quitclaim the property to you all including a life estate clause in the deed which will give her the rights to stay in the property until death.
You all can also go in for a joint tenancy with right to survivorship. In this type of ownership, the co-owners have a right of survivorship, so that when one owner dies, that owner's interest in the property will pass to the surviving owners. The deceased owner's interest in the property evaporates and can only be inherited by the co-owners of the property. This is also helps in avoiding probate.
Feel free to ask if you have further queries.
Sussane