Posted on: 27th Nov, 2007 03:09 pm
Hi,
My brother and sister Quitclaimed their interest in a property to me. I own the other half. Should I have any trouble selling the home and keeping the profit all to myself since I consider myself the sole owner?
My brother and sister Quitclaimed their interest in a property to me. I own the other half. Should I have any trouble selling the home and keeping the profit all to myself since I consider myself the sole owner?
Hi Linda,
If your brother and sister has quit claimed their interest to you that means you have the ownership rights to it. The other half is already owned by you so that makes you the owner of the entire property. I guess you will not have any trouble in selling the home but you may have to pay capital gains tax if the selling price exceeds your cost basis.
If your brother and sister has quit claimed their interest to you that means you have the ownership rights to it. The other half is already owned by you so that makes you the owner of the entire property. I guess you will not have any trouble in selling the home but you may have to pay capital gains tax if the selling price exceeds your cost basis.
Hi Linda,
Welcome to this forum.
If the quitclaim deed is valid and you have got the ownership, then there should not be any problem to sell the property. You may have to pay the Capital Gain Tax for it.
Thanks,
Larry
Welcome to this forum.
If the quitclaim deed is valid and you have got the ownership, then there should not be any problem to sell the property. You may have to pay the Capital Gain Tax for it.
Thanks,
Larry
You should have no trouble as it appears you now own 100%
You should record all the deeds in your county recorder's office to make sure you have a clean title when you go to sell.
You should record all the deeds in your county recorder's office to make sure you have a clean title when you go to sell.