Quit Claim

Question: quit claim? what is meant by a quit claim deed? Does it mean that someone is taking over the mortgage for another person but does not actually own the property?Please explain., Thanks

Answer: A quit claim deed is the very basic transfer of what ever interest the grantor has in the property. That person is making no assertions that he/she has complete title to land, that the land is not encumbered by say a lien, they are just transferring what ever interest they have to another person A quit claim deed has nothing to do with a mortgage, though a quit claim deed will not release that person from a mortgage on a property even if they transfer third property rights away they will still be liable for the note

Question: Quit Claim? I want to file a quit claim on a property I invested with my friend. I already have the form for it and I'm ready to get it notarized. What do I do after that?? Also how do I deal with the loan of the said property since my name is also on the loan?

Answer: Dont even THINK of executing a quitclaim deed (or any other deed) until the other owner either pays off the note or refinances it. You'll be off the title and have no rights to the property but you'll still be liable for the note! NOT a smart move! Tear that sucker up NOW and contact an attorney about selling your share to the other owner PROPERLY!

Question: How do i get a quit claim deed changed to a deed and how much should this cost? Me and my ex were purchasing a property together. I refinanced when we divorced and my ex signed a quit claim deed. The bank had the original deed from the person that owned the property before us. I never actually had a deed but recieved the quit claim deed when the morgage was paid in full. Should I try to get the quit claim deed changed to a deed? How can this be done and how much should it cost?

Answer: you need to take the paperwork to the County Courthouse.

Question: How do you quit claim a home to a relative? Details: Son is living with mom, mom is disabled & has no income so son is paying mortgage, son wants ownership since he is paying for it anyway & mom wants him to have it since she can't afford it. The house has been refinanced several times and isn't worth much more than what is owed. How does the son get ownership of the house for what is owed? Can he just go to a title company for a quit claim deed? What about the mortgage part, does he just apply as if he were buying a home on the market? Is there a "closing" involved? They live in Indiana

Answer: Not sure if this will work in your specific situation, but here is an online Quitclaim Deed form that is easy to use: http://www.lawdepot.com/contracts/quit-c…

Question: How do quit claim forms work in florida? Someone told me that i could use a Quit Claim form to get my ex husband off of the deed on my house. Is that possible?

Answer: uh....you can't. only HE can remove himself from title unless you get a quiet title action from teh county.

Question: How does a Quit Claim effect the process of getting a clear property deed? I want pay off my mortgage. I had a person Quit Claim their interest in the property about 20 years ago. I don't know where they are. Is there anything I should be concerned about?

Answer: The problem is not where they are, the problem is did you record the quitclaim deed that transferred their interest to you. Check with the county recorder's office and see if you are the only person on title. If you are not a problem, if not I don't see how you could have financed the property. Did you get your mortgage before or after the quitclaim deed was signed. If you got if after the quitclaim deed was signed you could be OK because normally a lending institution will not allow you to get a loan on a property if there is a cloud or someone else on the title. I hope this has been of some use to you, good luck. "FIGHT ON"

Question: What are the tax consequences of a quit claim deed? I am co-owner of a home in CA with my sister, and am attempting to turn it over to her using a quit claim deed. Are there tax consequences for me? The home was originally purchased for about 300K and is now valued around 600K.

Answer: Yes, lots.

Question: Can I quit claim property back to lender who refuses to finish the foreclosure procedure? without going into the sordid details how i acquired a over priced slum house, I want to know if there is any problems quit claming the property back to the lender. The lender started foreclosure procedure and promptly stopped. Actually they got the judge to rescind the decree. I called the attorneys representing the lender why and they couldnt answer. I told them I would be happy to deed the property back to the lender but they told me they talked to the lender and they do not want to go forward and finish the foreclosure. It's been almost 2 years since i paid any mortgage payments! The attorney believes the lender doesnt want this crap property on their hands with the maintenance and the headaches that comes with it. I dont want it. the city keeps sending me hate mail to mow the lawn and clean it up from the crackheads. I have done this already and don't want to do this forever. No one wants the property I can even give it away. So can I quit claim it back to the lender.

Answer: No. A deed must be accepted by the recipient. The lender doesn't want it, so it will not accept the deed. Are you paying the property taxes? Stopping that is usually a sure-fire way to eventually lose land. Also, the land is worth something. If the city condemns the property and seizes it for failure to keep out the crackheads or mow the lawn, will any fines issued be used to foreclose on the land? That usually terminates any fines. By the way, you should check to see if your loan is a "recourse" or a "non-recourse" loan. With a non-recourse loan, once the bank forecloses and takes the property, it cannot go after you personally for any difference in the debt owed and the real value of the property. With a recourse loan, you are personally liable for the difference.

Question: How long does a Quit Claim take if a person is taking their name off and gives the other person the property? A relative whose name is on the house with a recently deceased family member is Quit Claiming that house left to her to another relative of mine, because she does not want the house and What I want to know is how long this process takes--to Quit Claim the house to this other relative? There are no mortgages or liens against the house, as it has been paid off for many years.

Answer: I dealt with this kind of thing with my home. It can take up to two years...no joke. I just received the quit claim on my previous house and I haven't lived there for almost two years. I called the bank and also spoke to a real-estate lawyer. They both told me that it takes up to two years for the process to be complete. Maybe you'll get lucky and it will go faster for you.

Question: How do I record a quit claim in Maryland? I have a notarized quit claim in Maryland. How do I record it? Do I go to the county court or is there somewhere else I need to go? I'd like to do this myself instead of hiring other company or people. Thank you in advance for your answer.

Answer: Although a quit claim deed only conveys what ownership somebody actually has in a property (meaning, if I sign a quit claim deed for the Brooklyn Bridge, I am conveying NOTHING because I don't own it), in Maryland, you will likely first need to visit the County Tax Office to get them to stamp the Deed. They will want to check that no property taxes are due. You may also need to visit the County Utility Office if there are public utilities where the property is located. There are still a couple of counties that require a "lien certification". Contact the county clerk's office to find out if that is necessary for the county where the property is located. Lien certs are often around $50.00, the actual recording costs depend on if there is a mortgage on the property, value, or circumstances of the transfer.

Question: Can a interspousal quit claim deed be overturned in a California court? The interspousal quit claim deed has been in effect since 1994. The house has been in a trust since 1998.

Answer: i doubt it

Question: What is the process to approach the court to sign the quit claim deed? I have been divorced from for 5 years. Currently he is living in Florida and I live in Chicago. Now, the house was given to me after divorce as stated on the divorce decree. He signed the quit claim deed to me, but the notary commissioner’s seal expired before I could get it recorded at the county clerk’s office. Do I have to get it signed by him again or do I have to look for attorney? I have also heard that I can approach the court for the judge to sign the house to me. Is it true? What is the process and do I take an order to get the hearing?

Answer: If the notary's commission was valid when the document was signed and notarized, it should be a valid document. After 5 years you may have a problem with the delivery date. I would take the deed to a title company in the county and state where the property is located, along with the original divorce decree, and ask them if the document is recordable. If it's not,n they will be able to tell you how to proceed.

Question: If inheritance tax is paid in full, can the process for quit claim deed begin or wait to hear from harrisburg? My friend wants to take over ownership of the house she now resides in from her grandmother who inherited the property from her mother. My friend has paid the inheritance tax in full and now wants to start the process of quit claim deed, should she wait to hear from harrisburg or can the process be started? Lives in philadelphia, pa.

Answer: Your friend needs to speak to his attorney on that issue.

Question: How can I get someone to sign a quit claim? I am in desperate need of being at the mercy of a partner that does not want to sell a home out of spite. How can I get someone to sign a quit claim?

Answer: If tha someone thinks there is money to be had they will not sign anything for you. Why not buy the person out and then sell the property? Offer the person a certain amount at closing if they will sign the quit claim then. Court will cost money and take time.

Question: if i quit claim rentals to a llc will it come off my personal credit report? i want to quit claim some propertys to lower my debt to income ratio will it work,or how can it work?

Answer: It won't work, a quit claim just changes ownership- not the loan. Also you can't give (quit claim) the property until you own it (pay off your loan). You can ADD someone to it but you can't come off of it.

Question: How can my fiance get his ex off the mortgage if she refuses to sign the quit claim deed? She previously signed a document (not the quit claim deed) stating she wanted nothing to do with the home, now she wants money and will not sign the quit claim deed. We even paid her back her down payment.

Answer: lawsuit. but no judge will order her to sign a quit-claim unless and until she is released from the mortgage by the lender.. assuming she is a party to it currently.

Question: How do you register a quit claim deed? I have a quit claim deed that has been signed and notorized by the other party on my house. I am going to re-finance and am trying to register the deed myself instead of letting the mortgage company charge me for them to do it. Is that all I have to do to re-motgage in my name alone?

Answer: The deed is seperate from the refinance. You must have the deed registered before completing the refinance. To register the deed yourself, you'll have to drive to your county recorders office and ask, there are different procedures in every state, but they will assist you there. Remember, there are almost always recording fees and taxes to pay, whether you record the deed or the title company records the deed. How much depends on your state. I would advise just letting the title company record the deed. You won't likely pay much more, if any, by asking the title company to do it. Having the deed recorded only removes the other owner from the title to the house, it does not remove them from the mortgage. So you will still have to refinance your home to remove your coborrower from the mortgage. Now most companies will allow you to assume your mortgage. This will not cost as much as a refinance, and you'll keep your current loan terms. But you'll still have to qualify on your own credit and income. Or if your current rate is too high, you could do a full refinance to lower it.

Question: How do I get out of reassessing my property taxes when filing a quit-claim deed? I am in the process of buying out my brother through a quit-claim deed. Just curious as to how I can get out of re-assessing my property taxes. The house was purchased in 1999, so the value is substantially less than it is now.

Answer: Depending upon local procedures, you probably can't. Some transfers may not be subject to reassessment and if yours isn't one of the excluded transfers, the value will be reassessed.

Question: How does a QUIT CLAIM DEED work? Does the owner have to pay the same taxes as they would in an actual sale? What if there is no money involved? Example : If a relative wanted to use a quit claim deed to gift a piece of property to a family member, would they have to pay gift taxes? Damn....I'm trying to get around these stupid taxes....I'm probably just s.o.l.

Answer: Even if there is no money involved (the property has monetary value) the grantor may still owe gift tax. Whoever receives the property will not owe taxes other than the normal property taxes when they come due. Quit Claim can also be challenged in court, it's much better to get a Warranty Deed. Funny, I just came from the lawyer's office and the court house regarding a deed, lol. Without the specifics I couldn't tell you what's best but the best thing to do is talk to a tax attorney. Also, there is a way around gift tax. If you draw up a loan and forgive amounts up to the yearly gift amount, which I think is $12,000 now and $24,000 for married couples. And just in case to avoid problems at death if it's premature just put in the literature to forgive the loan at death. So you or whoever would be a lienholder but would forgive the loan on a yearly basis until the gift is completed.

Question: What is a Quit Claim deed and how does it differ from an actual deed? I am doing Genalogical research on my family. I am trying to assertain chain of ownership of land that has been in my family for years. I have found a Quit Claim deed but it does not show who owned the property in the past.

Answer: A QUIT CLAIM DEED DOES NOT TRANSFER OWNERSHIP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!… I am so sick and tired of people that haven't a clue about Real Estate law spouting off that answer continuously on Yahoo! Answers. A quit claim deed is known in the industry as a 'correction deed' it is meant to remove a name, add a name, or CHANGE name for a MISSPELLING only or if someone got married. People that use a quitclaim deed DO NOT transfer ownership, they are just legally changing a name....THAT IS NOT THE SAME THING FOLKS!!! Quit claim: The LOWEST form of "ownership" known to real estate law and has NO warranty, NO rights, NO legal reprocussions. http://en.wikipedia.org/wiki/Quit_claim_… To LEGALLY CHANGE ownership, the PROPER document is a General Warranty Deed or a Special Warranty Deed. The difference? A General Warranty Deed is the most common property transfer instrument in RESIDENTIAL real estate and is REQUIRED in order to get title insurance on a property. The the grantor gives a GWD to a grantee, the grantor is GIVING A WARRANTY FOREVER for as long as the new owner owns the property, that he or she HAD A FULL legal right to transfer the property, and is a GUARANTEE against ALL previous defects on title. A Special Warranty Deed gives a warranty forever, for as long as the new owner owns the property, against all title defects ONLY FOR THE TIME THE GRANTOR owned the property, but NOT before. SWD's are the most common form of ownership transfer instrument used in COMMERCIAL property. These are also common with foreclosures. The "myth" that a quit claim deed should EVER be used to transfer property, is the most common real estate misinformation given on Yahoo! Answers. Look at the keyword: QUIT