Posted on: 14th Sep, 2007 08:47 am
my parents signed a quit claim deed to themselves and added my name. after both their deaths i understand the property will transfer to me. will it transfer at current value?
if my parents were to be sued can they go after me?
if my parents were to be sued can they go after me?
Hi Sorayacbenitez,
After death of your parents you will receive ownership of the property. Its value will be the actual current value.
And if parents get sued and any creditor is able to place a lien on the house for recovery of the debt then you will receive ownership of the house which will have the lien over it.
In future if you sell the house then that will have to be paid off from the proceeds of the sale.
"My parents signed a quit claim deed to themselves and added my name. "
Another thing is that, after death of your parents, you will not automatically get ownership of total property. It would be possible only if the title is held as joint tenants with rights of survivorship.
If the title is held as tenants in common then after their death, their share of property will be distributed as per instructions in their will.
Miller
After death of your parents you will receive ownership of the property. Its value will be the actual current value.
And if parents get sued and any creditor is able to place a lien on the house for recovery of the debt then you will receive ownership of the house which will have the lien over it.
In future if you sell the house then that will have to be paid off from the proceeds of the sale.
"My parents signed a quit claim deed to themselves and added my name. "
Another thing is that, after death of your parents, you will not automatically get ownership of total property. It would be possible only if the title is held as joint tenants with rights of survivorship.
If the title is held as tenants in common then after their death, their share of property will be distributed as per instructions in their will.
Miller
Hi Sorayacbenitez,
As you are on the deed, you will get the property ownership rights after the death of your parents. And with the quitclaim deed, the property will be transferred at its present market value.
But if your parents are sued for any debts against the house, then after their death, the creditors may come after you.
As you are on the deed, you will get the property ownership rights after the death of your parents. And with the quitclaim deed, the property will be transferred at its present market value.
But if your parents are sued for any debts against the house, then after their death, the creditors may come after you.