Posted on: 20th Aug, 2007 11:00 am
i bought a home with my mom. she wasn't employed in the state of az so we bought it jointly. she is now employed here and i want to move out and buy another house. if i quit claim deed the current property will that free me up to purchase another home?
Hi,
If there is no mortgage on this house then there is no problem with ownership transfer. You can quit claim your share in the house over to your mom.
But if mortgage is there then you will remain on the loan even after quit claiming ownership. To remove your name from the mortgage it will have to be refinanced in your mom's name.
Miller
If there is no mortgage on this house then there is no problem with ownership transfer. You can quit claim your share in the house over to your mom.
But if mortgage is there then you will remain on the loan even after quit claiming ownership. To remove your name from the mortgage it will have to be refinanced in your mom's name.
Miller
you can also buy another home while owning this one if your income permits that.
Hello,
With a quitclaim deed, you can give up your ownership interest in the house. All you have to do is to sign a quitclaim deed as a grantor and remove your name of the property title. But after filling out the form, you must record the deed in the County Recorder's office to make it valid.
I agree with Evolovik that you can purchase another home only if your income permits you to do.
With a quitclaim deed, you can give up your ownership interest in the house. All you have to do is to sign a quitclaim deed as a grantor and remove your name of the property title. But after filling out the form, you must record the deed in the County Recorder's office to make it valid.
I agree with Evolovik that you can purchase another home only if your income permits you to do.
If I quit claim my boyfriend off our home, I know he is still on the mortgage. He plans to stop paying 1/2 the mortgage now. If I go to sell the home 5 years from now and he is still on the mortgage, he still gets 1/2 the profits, right? How do we prevent that from happening without me refinancing now, which I do not have good enough credit to do? Is there someway to attach an agreement that he agrees he is not entitled to any of the profits at a later date?
Well Lucille, if you have quitclaimed your boyfriend off the property, he doesn't retain his ownership rights on it. As such if you sell off the property after some years, I feel he shouldn't get the proceeds or profit as you say. The mortgage though remains in his name. But are you sure he'll pay for the mortgage after the quitclaim?
I've heard of several people running into problems just because they allowed their partners to take their names off the property. That's because after taking their names off, the partners never made the payments!
Moreover, you need to check if our loan doc has anything mentioned about a due-on-sale clause, which can actually make the loan due if there's any transfer of property during the loan period.
Regards,
Jessica.
I've heard of several people running into problems just because they allowed their partners to take their names off the property. That's because after taking their names off, the partners never made the payments!
Moreover, you need to check if our loan doc has anything mentioned about a due-on-sale clause, which can actually make the loan due if there's any transfer of property during the loan period.
Regards,
Jessica.
