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?
2007-09-14 08:37:25 · 6 answers · asked by chinitz07 1 in Business & Finance ➔ Renting & Real Estate
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!
2007-09-14 09:57:04 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The mortgage, note and title are 3 distinct legal documents. You can remove yourself from title but that does not affect your responsibilities under the mortgage and note. In order to be removed from the mortgage and note the mortgagor would have to agree (not very likely) or the title holder would have to refinance. If the title holder does not refinance you are still obligated for the mortgage and any late payments will affect your credit. The debt will still be counted in your debt ratios if you attempt to purchase other property. On the plus side, if the title holder pays the mortgage on time, you get positive credit history for that.
2007-09-14 08:47:09 · answer #2 · answered by Anonymous · 2⤊ 0⤋
Taking name off property won't remove your responsibility for the loan.
Call the county clerk's office; they will tell you how to file the deed in your county.
2007-09-14 08:42:45 · answer #3 · answered by wizjp 7 · 2⤊ 0⤋
I additionally strongly inspire you speaking with an lawyer. even even with the shown fact that, in CA a quit declare is legal and binding, which ability your husband won't have a declare on those residences. My husband became ill and he became the co-proprietor as CA is a community property state and that i had have been given the money via a private loan on my earnings and credit on my own. via his ailment we knew if he died on an analogous time as nonetheless the co-proprietor his ex and her little ones ought to objective to declare a potion of his a million/2. We have been in touch she could attempt inspite of a will declaring all of it went to me. This property had no longer something to do with that spouse or those 2 little ones. He paid baby help. i bought this homestead for us. So, he did a "present" launch, that's comparable to a quit declare merely the way it quite is worded while a husband releases his share of a property to his spouse in a community property state. this way it became no longer even his property while he exceeded and no person ought to place a declare on it. i think your husband would not have any declare on the residences ought to you divorce. A quit declare is strictly what it appears that evidently like: He has "quit" all recent and destiny "claims" on those residences. this suggests he isn't the owner in any way now or interior the destiny. i think it quite is as binding as my husbands "gifting" deed to me with our property. I recommend you talk with an lawyer who works in real property. it may fee a pair of hundred money for a consulatation for innovations. The lawyer can ease your and your mum and dad minds approximately this situation lots extra useful than unquestionably all and sundry right here at Yahoo! solutions, except one is an lawyer and solutions this question. even even with the shown fact that, I relatively doubt any lawyer is on right here as they're merely way too busy for something like this. lol solid success looking the innovations you need to ease your suggestions and your mum and dad minds. Blessed Be.
2016-11-15 05:51:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
my 13month i did not claim until now in resinning june 15 2014
2014-09-20 13:24:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋
JOHNSON ARELLANO
2014-09-02 15:13:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋