We are in NJ. Mom died without a will, I am administrator (like an executor). Brother is living in house and I want to act as administrator and change ownership to him for our agreed upon price. He is getting a mortgage. Is a QuitCLaim Deed OK? He is NOT an upstanding citizen and I am trying to be careful, but not hire a lawyer since this is happening in 4 days!
2007-07-20 02:07:14 · 7 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
THIS IS NOT LEGAL ADVICE. Do not rely on this for any purpose.
Under the common law there are three types of deeds: (1) quit-claim deeds, (2) special warranty deeds, and (3) general warranty deeds.
A quit claim deed is the best way to protect yourself since all it does is transfer any interest you have in a particular piece of property to the transferee. By using this type of deed, you do not many any warranties.
A special warranty deed provides the transferee with some limited protection. Under this deed, the transferor warrants that she, herself, has not already transferred the property to another individual and she has not encumbered the property.
A general warranty is the best type of warranty for the transferee because it provides the transfere the most protection. This warranty provides for six convents: (1) right to convey, (2) seisen, (3) against encumberances, (4) warranty, (5) quiet use and enjoyment, and (6) further assurances.
Since the estate would be the tranferor, a quit claim deed would provide the estate with the most protection out of the three types of deeds.
2007-07-20 07:24:04 · answer #1 · answered by Edward r 2 · 0⤊ 0⤋
A "Quit-claim deed" Is only a release of a persons interest or ownership of a property, (If any). A statutory warranty deed or the like is better for all concerned. I could legally sell you the brooklyn Bridge if I used a "Quit Claim deed". See what I mean?
2007-07-20 02:49:15 · answer #2 · answered by satar032 2 · 0⤊ 0⤋
A quit-claim deed transfers whatever ownership you have, without making any warranties (guarantees) about the property.
If the person receiving the property will accept a quit-claim deed, then it is the best thing for you to use since it limits your liability.
2007-07-20 02:29:17 · answer #3 · answered by coragryph 7 · 0⤊ 0⤋
If you are not going to do a title search, a quitclaim deed giving all the rights the estate had and warranting nothing more is appropriate here.
2007-07-20 02:42:17 · answer #4 · answered by Tara P 5 · 0⤊ 0⤋
Are you IN probate or not? If not, are you ready to accept financial obligations that might arise with the sale of the home or with a violation of the probate code?
If the home is in mom's name and NOT yours then you need to probate the estate to get your name on the deed. Then and only then can you transfer the property.
By the way, how many other heirs are there?
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2016-04-11 12:47:36 · answer #6 · answered by Anonymous · 0⤊ 1⤋
No, you at the instant are not for my section in charge for the very own loan. even although, I presume the very own loan is secured by the living house. So, if the very own loan funds at the instant are not made, the very own loan creditor will foreclose on the living house.
2016-10-22 03:52:48 · answer #7 · answered by ramswaroop 4 · 0⤊ 0⤋