2007-07-04 14:50:28 · 5 answers · asked by bill k 3 in Business & Finance ➔ Renting & Real Estate
I would not suggest using a deed from the office supply store.
I have seen many mistakes by people just simply using these forms and not knowing the state rules in how to properly fill them out.
Depending on the state, the spouse may need to sign, homestead may need to be declared, vesting must be established. Also the names in the chain of title must match exactly. If you do not know these guidelines, you may end up with a cloud in your title causing major issue when you go to sell. (Especially true if the grantor is now deceased or unavailable.)
Let us know what state your in. Many people on this board are in the business and email you the appropriate deed and advise on the state rules.
There also can be gift taxes associated with the deed.
If you have a loan on the property, you could potentially have additional problems..
1. you will still be financially liable on the loan.
2. Deeding away your interest in the property could go against the terms of your loan, causing the lender to call the loan due. This is especially true if you are the only party on the loan.
2007-07-07 17:25:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If your sister is willing to have you sign and have notorized a "quitclaim" deed which you can get in any office supply store that carries blank legal form. This is the cheapest way to clear yourself from any legal liability from the property. At a later time, preferably before you either die or misplace your marbles (because if that happens the process can be more problematic), your sister can then for a relatively nominal sum,and various title and search fees, can have the title converted to a patent deed or a deed of trust which she will need to more easily sell or transfer the title.
2007-07-04 17:45:09 · answer #2 · answered by vlvtnrbt 3 · 0⤊ 1⤋
Yes, you will need a Quit Claim purchased at the stationary store. Fill it out and you will need to have a notary witness your signature. Then it needs to be recorded in the county that the property is located in.
2007-07-04 14:54:51 · answer #3 · answered by Deborah M 2 · 0⤊ 0⤋
If you are on a mortgage, you have to be on deed. So if you are on a mortgage, refinance the house, take your name of the mortgage and the deed.
2007-07-04 15:53:00 · answer #4 · answered by reality 6 · 0⤊ 1⤋
You can get your name off but, your still going to have to pay fees for this, you'll just have to see what they'll be.
2007-07-05 00:52:01 · answer #5 · answered by cowboydoc 7 · 0⤊ 0⤋