Posted on: 06th Aug, 2007 04:52 pm
My mother and father bot owned (JTWROS) a small piece of property - My dad died 30 years ago - the propery is now 1/2 owned by Mom and the remaining half is owned by my 3 siblings and me. My family wants to quick claim the deed to me - how simple is this to do? My father died practically homeless - this piece of property in JTWROS was all he had - because we did not settle his estate - will this be an issue to quick claim?
Hi Linda,
When you sign a quitclaim deed, it transfers your property-interest to the grantee. It does not transfer any financial obligations. Thus, if you sign on the deed you give up your interest without being legally liable to pay off the debts. But if you are on the mortgage, you will have to pay the debts even after you quitclaim. Therefore, if you are not on the loan, I think signing the quitclaim deed will not make you responsible for her debts.
When you sign a quitclaim deed, it transfers your property-interest to the grantee. It does not transfer any financial obligations. Thus, if you sign on the deed you give up your interest without being legally liable to pay off the debts. But if you are on the mortgage, you will have to pay the debts even after you quitclaim. Therefore, if you are not on the loan, I think signing the quitclaim deed will not make you responsible for her debts.
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