Posted on: 09th Dec, 2008 01:23 pm
Hi,
My dad in his friend invested in a retirement property together about 5 years ago and financed through the owner, the title is still in her name. My dad signed a quickclaim deed over to his partner about 3 years ago because my dad had creditors after him and wanted to protect his partner's interest in the property.
Now the property is almost paid off and my dad's partner has a state tax lien attached to the property and is using this reason to not give my dad any interest back.
After reading your website I realized that when the loan is paid off and title is transferred from the previous owner to the new owner, can't my dad's name be put on that title even if there is a tax lien in the other guy's name?
If the property gets seized my dad's out on the street and starting all over again at 65 after running his own business for 30 years, any help is greatly appreciated.
Best Wishes,
Jeff
My dad in his friend invested in a retirement property together about 5 years ago and financed through the owner, the title is still in her name. My dad signed a quickclaim deed over to his partner about 3 years ago because my dad had creditors after him and wanted to protect his partner's interest in the property.
Now the property is almost paid off and my dad's partner has a state tax lien attached to the property and is using this reason to not give my dad any interest back.
After reading your website I realized that when the loan is paid off and title is transferred from the previous owner to the new owner, can't my dad's name be put on that title even if there is a tax lien in the other guy's name?
If the property gets seized my dad's out on the street and starting all over again at 65 after running his own business for 30 years, any help is greatly appreciated.
Best Wishes,
Jeff
Is it possible for my dad's partner to sign the quitclaim deed back to my dad even if he has a state tax lien? (this is not a property tax lien).
Thank you.
Jeff
Thank you.
Jeff
Hi Jeff,
Yes, your dad's partner can quitclaim the property back your father. However, your dad's partner should note that quitclaim deed will not release the party quitclaiming the property from his obligation of paying the lien secured against said property.
Thanks,
Jerry
Yes, your dad's partner can quitclaim the property back your father. However, your dad's partner should note that quitclaim deed will not release the party quitclaiming the property from his obligation of paying the lien secured against said property.
Thanks,
Jerry
Thank you Jerry.
I just thought of something else, is it possible to quitclaim a percentage of the property back to my dad and not just the whole thing?
I appreciate you time.
Regards,
Jeff
I just thought of something else, is it possible to quitclaim a percentage of the property back to my dad and not just the whole thing?
I appreciate you time.
Regards,
Jeff
Based on your response Jerry.. if my dad's partner signs the prop back to my dad does this protect the land from being seized from my dad by the state/irs ? I would assume that the state/irs would put some kind of judgement/lien against future sale of the land.
I just want to make sure my dad is protected and has a place to live.
Thanks again,
Jeff
I just want to make sure my dad is protected and has a place to live.
Thanks again,
Jeff
Welcome Jeff,
Yes, you can quitclaim a portion of your property to your dad and not the whole thing. I don't think a quitclaim deed will protect the land from being seized from your dad by the state/IRS. Rather, I think it will become your father's responsibility to pay off the lien if the original owner has not paid it off. In my opinion, your dad's partner should clear off the lien and get a lien release certificate and then transfer the property to your father.
Yes, you can quitclaim a portion of your property to your dad and not the whole thing. I don't think a quitclaim deed will protect the land from being seized from your dad by the state/IRS. Rather, I think it will become your father's responsibility to pay off the lien if the original owner has not paid it off. In my opinion, your dad's partner should clear off the lien and get a lien release certificate and then transfer the property to your father.
ok, I agree, he should clear the lien. Thanks very much for your advice, much appreciated Jerry!
Jeff
Jeff