Posted on: 31st May, 2009 11:09 am
I have a property that i own in texas. I want to deed it to my mother as a gift. do i use a quitclaim deed or a warranty deed?
you would do quit claim deed. this will transfer the interest in the property in to yoru monther name.
warranty deed - a warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it. you are delacing that you are the owner of that property and has the right to seel it and you gurantee to the buyer that if the title ever fails, you will be responsible for any losses due to that.
warranty deed - a warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it. you are delacing that you are the owner of that property and has the right to seel it and you gurantee to the buyer that if the title ever fails, you will be responsible for any losses due to that.
Hi bradyk,
If you own the property free and clear, then you can use a warranty deed to transfer the property to your mother. However, if there is a mortgage on the property, then you'll have to use a quitclaim deed. Moreover, you'll also have to inform your lender about this transfer of property.
Thanks
If you own the property free and clear, then you can use a warranty deed to transfer the property to your mother. However, if there is a mortgage on the property, then you'll have to use a quitclaim deed. Moreover, you'll also have to inform your lender about this transfer of property.
Thanks
James thanks for more clarification on this matter.