Posted on: 22nd Aug, 2007 08:40 pm
is getting a quit claim deed the same as buying property that has no true owner?
the owners have been deceased for over 40 years and there is no true owner. how do we go about keeping this property in our family without losing it to the nursing home?
the owners have been deceased for over 40 years and there is no true owner. how do we go about keeping this property in our family without losing it to the nursing home?
Hi Allison,
A quitclaim deed and buying property is not the same thing. In a quitclaim deed, only the title to the property gets transferred from the grantor to the grantee. While purchasing means that a buyer buys the property from the seller. A quitclaim deed is much cheaper than purchasing a property as the buyer has to incur the total cost of buying the property. In some cases, the seller may demand a higher price for the property and the buyer has to bear that cost. A quitclaim deed may involve a cost, but that is not as much as purchasing a property.
If there is a Medicaid, then the nursing home cannot come after the house as a house is not counted as an asset by the Medicaid. They cannot place a lien against the home as long as Medicaid holder is alive. But after her death, the nursing home may still come and recover the bills.
It seems that you've asked a similar question earlier. There I've replied to you. to view the reply, please refer to: http://www.mortgagefit.com/propertytransfer/protect-home.html
A quitclaim deed and buying property is not the same thing. In a quitclaim deed, only the title to the property gets transferred from the grantor to the grantee. While purchasing means that a buyer buys the property from the seller. A quitclaim deed is much cheaper than purchasing a property as the buyer has to incur the total cost of buying the property. In some cases, the seller may demand a higher price for the property and the buyer has to bear that cost. A quitclaim deed may involve a cost, but that is not as much as purchasing a property.
If there is a Medicaid, then the nursing home cannot come after the house as a house is not counted as an asset by the Medicaid. They cannot place a lien against the home as long as Medicaid holder is alive. But after her death, the nursing home may still come and recover the bills.
It seems that you've asked a similar question earlier. There I've replied to you. to view the reply, please refer to: http://www.mortgagefit.com/propertytransfer/protect-home.html
//owners have been deceased for over 40 years and there is no true owner. //
Owner did not make a will? His heirs did not attempt to get ownership through laws of intestate succession, if there was no will?
Owner did not make a will? His heirs did not attempt to get ownership through laws of intestate succession, if there was no will?
Sure medicaid does not think home to be asset but that is only for qualifying for the medicaid. What if it is not paid, then can medicaid take away the home? I am looking for that answer only.
Hi Gregary,
If neither the spouse of the Medicaid person or his children lives in the house, the Medicaid may require to sell the house for the repayment. In some places, the Medicaid places lien on any other property of the Medicaid holder for the non payment of the bills.
If neither the spouse of the Medicaid person or his children lives in the house, the Medicaid may require to sell the house for the repayment. In some places, the Medicaid places lien on any other property of the Medicaid holder for the non payment of the bills.
if your great garndparents own land and succession never done can you buy and sell some of that land to family members without a succession.
Hi marva!
Welcome to forums!
I suppose that the property is in your grandparent's name. In that situation, it won't be possible for you to sell a portion of the property to someone else. You will have to transfer the property in your name first and then sell off the property. For this, you can file an affidavit of heirship at the county recorder's office.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I suppose that the property is in your grandparent's name. In that situation, it won't be possible for you to sell a portion of the property to someone else. You will have to transfer the property in your name first and then sell off the property. For this, you can file an affidavit of heirship at the county recorder's office.
Feel free to ask if you've further queries.
Sussane