Posted on: 05th Mar, 2009 07:14 am
My mother-in-law and her husband of 4 years are now seperarating, since neither have the money to pay for a divorce they have agreed to seperate, live their seperate lives, but remain married. She had the house prior to them getting married, but I believe when they refinanced they were both put on the new paper work. He has told her that she can have the house, but that she should do a quitclaim deed so that the house will go to her two adult children and by pass him if something were to happen to her. Is this really the right paper work for this to happen.
Basically what he is saying that a quitclaim deed in the case of death would allow the house to go to her two children, by pass him and probate. We were not sure this is the case.
They way we are reading information about quitclain is that the garantee would take posession now and be responsible for all now, not after death.
Any help would be helpful,
Confused
Basically what he is saying that a quitclaim deed in the case of death would allow the house to go to her two children, by pass him and probate. We were not sure this is the case.
They way we are reading information about quitclain is that the garantee would take posession now and be responsible for all now, not after death.
Any help would be helpful,
Confused
Hi Kenmar,
Through a quitclaim deed property is transferred to the grantee, with immediate effect. After the deed is signed and properly recorded the grantee becomes the owner of the proeprty and the grantor loses his/her rights to it. Thus the grantee doesn't have to wait till the grantor's death to get the title and the property doesn't have to go through probate.
But as there is mortgage on the property, the lender needs to be informed about such title changes and the grantee might be required by the lender to refinance the loan in his/her name.
Through a quitclaim deed property is transferred to the grantee, with immediate effect. After the deed is signed and properly recorded the grantee becomes the owner of the proeprty and the grantor loses his/her rights to it. Thus the grantee doesn't have to wait till the grantor's death to get the title and the property doesn't have to go through probate.
But as there is mortgage on the property, the lender needs to be informed about such title changes and the grantee might be required by the lender to refinance the loan in his/her name.