Posted on: 08th Oct, 2009 06:17 pm
WHEN MY DAD PASSED AWAY, HE LEFT MY BROTHER AND I AS SOLE JOINT OWNERS OF HIS HOME.
MY BROTHER WANTS ME TO SIGN A QUITCLAIM DEED LEAVING HIM SOLE
OWNER.
HE SAID HE NEEDS TO DO THIS IN ORDER TO SECURE A LOAN FOR HOUSE
REPAIRS FROM AN ORGANIZATION WHICH SAYS HE MUST BE SOLE OWNER
BEFORE THEY WILL PROCEED WITH THE LOAN.
I AM PLANNING ON ASKING HIM TO HAVE A WILL MADE UP MAKING ME THE SOLE OWNER AT HIS DEATH. (I am going to sign the quitclaim, but I will not send it to him until I receive the will)
I JUST WANT TO BE SURE THAT THE WILL OVER RIDES THE QUITCLAIM
MY BROTHER WANTS ME TO SIGN A QUITCLAIM DEED LEAVING HIM SOLE
OWNER.
HE SAID HE NEEDS TO DO THIS IN ORDER TO SECURE A LOAN FOR HOUSE
REPAIRS FROM AN ORGANIZATION WHICH SAYS HE MUST BE SOLE OWNER
BEFORE THEY WILL PROCEED WITH THE LOAN.
I AM PLANNING ON ASKING HIM TO HAVE A WILL MADE UP MAKING ME THE SOLE OWNER AT HIS DEATH. (I am going to sign the quitclaim, but I will not send it to him until I receive the will)
I JUST WANT TO BE SURE THAT THE WILL OVER RIDES THE QUITCLAIM
Hi geno,
Once you sign the quitclaim deed, your brother would become the co-owner of the property. Thus, it would be considered as his separate property. If he creates a will and gives you the property, then you will have to probate the will after his death and claim the property. Until that, you won't be considered an owner of that property.
Thanks
Once you sign the quitclaim deed, your brother would become the co-owner of the property. Thus, it would be considered as his separate property. If he creates a will and gives you the property, then you will have to probate the will after his death and claim the property. Until that, you won't be considered an owner of that property.
Thanks
thats correct, ocne you sign the quit claim deed, he will be sole owner of the property.
just to protect your self, you can also have a seperate agreemtn describing this situation and agreed upon terms. so tomorrow, you will not be in trouble.
or another option is you both can go on the loan and show that both of you are the owners
just to protect your self, you can also have a seperate agreemtn describing this situation and agreed upon terms. so tomorrow, you will not be in trouble.
or another option is you both can go on the loan and show that both of you are the owners