Posted on: 26th Oct, 2007 06:17 am
We are 4 people for the UK who co-own 2 properties in Florida. all four people are on both deeds.
We now want to split the properties where by each couple owns one property.
Can we do this by quit claim, how long does it take and how is the best way to get things moving with this.
We now want to split the properties where by each couple owns one property.
Can we do this by quit claim, how long does it take and how is the best way to get things moving with this.
Do you have mortgages on the properties?
Yes we do.
you will more than likely have to refinance both.
you could try contacting the current lenders and explaining the situation. but a typical bank wants the extra proceeds of a refinance and the farther into a mortgage you currently are, the less likely they are care about retaining the current mortgage.
i wouldn't be suprised if you had to pay transfer taxes as well. but i am not an attorney, so you should definately talk to one.
you could try contacting the current lenders and explaining the situation. but a typical bank wants the extra proceeds of a refinance and the farther into a mortgage you currently are, the less likely they are care about retaining the current mortgage.
i wouldn't be suprised if you had to pay transfer taxes as well. but i am not an attorney, so you should definately talk to one.
Hi,
A quit claim will not remove your name from the mortgage.
If all of you are on the mortgage then you have to refinance the loan in each couple's name for each of the property.
A quit claim will not remove your name from the mortgage.
If all of you are on the mortgage then you have to refinance the loan in each couple's name for each of the property.
Hi Junie,
You can quitclaim the property but that will only help you to transfer your name from the deed but not from the mortgage. So the couple who will own the property should refinance and pay off the Grantor's mortgage. It will be better if you take help from an attorney.
That may help you.
Best of luck to you,
Larry
You can quitclaim the property but that will only help you to transfer your name from the deed but not from the mortgage. So the couple who will own the property should refinance and pay off the Grantor's mortgage. It will be better if you take help from an attorney.
That may help you.
Best of luck to you,
Larry