How does a quit claim deed work? My boyfriend and i split up, and i am keeping the house for financial reasons. How do i go about getting a quit claim deed? How does this affect our mortgage which is in both our names? I know that i would not be approved to refinance to get his name off the mortgage. what do i do now to make sure i am taken care of?
2006-11-13 01:36:01 · 3 answers · asked by Vally78 2 in Business & Finance ➔ Renting & Real Estate
Same thing happened to me!!!! First of all, be sure he is willing to remain on the Mortgage with you, most people will refuse considering they will have no ownership in the property while remaining obligated as a mortgagee. Now, you can arrange a quit claim through a title company, or find the basic forms online...you will need a "legal description" of the property for the quit claim and the property tax transfer form, you can purchase this from Cook County Recorder of Deeds (if in cook county) for $5.00 or find the written decription on your plat of survey or the paperwork in your original mortgage document. This is what you will need to file with the county:
Quit claim deed -SOmetimes two pages (can download online)....
Statement of Grantor/Grantee - one page(can download online)....
AFFIDAVIT - PLAT ACT -one page (can download online)....
All three above need to be notarized!!!!
you will also need....
Property tax transfer form - PTAX-203...can fill out and print through IL website: http://www.revenue.state.il.us/app/rtdi/SessionNotice.html.....
You can have these recorded by mail, find the fees for cook county here: http://www.ccrd.info/CCRD/controller....it should be less than $50, once the paperwork is filed it will be mailed to the Grantee (YOU).
I have been through this process so much that I have my own forms pre-printed and ready to go, plus I am a notary public so I have also provided my services for friends and family...any questions, just ask - This sounds very involved (it will save you $200-$500)but the hardest part is going to be convincing the ex to stay on the mortgage while relinquishing his ownership - Good Luck!
2006-11-15 05:14:56 · answer #1 · answered by lucy 3 · 0⤊ 0⤋
Illinois Quit Claim Deed
2016-12-12 05:58:32 · answer #2 · answered by fondrisi 4 · 0⤊ 0⤋
Quit Claim Deed Illinois
2016-09-29 10:15:04 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Can a person on a mortgage relinquish ownership in a property and yet remain on the title (for tax purposes), Would a quit claim deed address this?
2014-05-27 03:42:46 · answer #4 · answered by Petar 1 · 0⤊ 0⤋
If he is on the mortgage, it won't suffice to only take him off the title. You would need to refinance the loan in your name only, but from the sound of it, it seems that this is not an option. You may have to get a co-signer until you can be approved for the loan solely in your name. The quit claim deed is easy to take care of, it only costs around $10, and both parties need to sign, and could be taken care of during the refinance process.
2006-11-13 03:30:07 · answer #5 · answered by Justin 3 · 0⤊ 0⤋
The quit claim deed, something he signs saying that he relinquishes any rights he has to the property will not take him off the loan.
Most people, when they divorce, either re-fi the house or sell it. That's the only way to get the leaving party off the loan, which the leaving party does deserve, and should demand.
2006-11-13 03:45:03 · answer #6 · answered by teran_realtor 7 · 0⤊ 0⤋
You should contact an attorney immediately and discuss the problem with him. It is your ex that would have to execute the quit claim deed. And the mortgage company would not be happy about it.
2006-11-13 01:44:52 · answer #7 · answered by Aggie80 5 · 0⤊ 0⤋
Need more details
2016-07-28 01:27:02 · answer #8 · answered by Eartha 3 · 0⤊ 0⤋
This is arguable there are in fact several possible answers to the question
2016-08-23 10:36:00 · answer #9 · answered by Anonymous · 0⤊ 0⤋