Posted on: 17th Sep, 2008 02:02 pm
if we do a quit claim deed, is there a time limit on parents going to nursing home?..my parents are not their yet, but i am worried one may have to go and what would the other one do. we are thinking about quit claiming the deed into my brother and i or just one. is this a good move?
hi llisamariel!
yes, it will be a good move to quitclaim the property. this will transfer the title of the property in your name or your brother's name or in the name of both. it will also help you to protect the property in case your parents are taking medical assistance from the state and state wants to sell the property to retrieve the costs. however, you should note that, if the house is on mortgage, then the mortgage will not be transferred. in that case, you will have to go for the process of novation.
yes, it will be a good move to quitclaim the property. this will transfer the title of the property in your name or your brother's name or in the name of both. it will also help you to protect the property in case your parents are taking medical assistance from the state and state wants to sell the property to retrieve the costs. however, you should note that, if the house is on mortgage, then the mortgage will not be transferred. in that case, you will have to go for the process of novation.