quit claim deed in michigan?

Question

My mom moved to Virginia and I was going to buy her house but my credit score is low. Is quit claim deed a good option to get the house in my name and then sign a lease for the payment, or is there a better way to get the house out of her name without getting a mortgage?

Answer 1

Only a new mortgage will get her name off the old one. You can make the payments and hope to get your credit score up higher, but that's about the only option.

Answer 2

Okay, for your purposes, there is no difference between a Quit Claim and a Warranty Deed. There are differences, but they are not relevant to your question. For a deed to be valid, the description can be anything that describes the land conveyed with reasonable certainty. It can be as simple as "the house and land with the address of 12 Pine street" or as detailed as a regular survey down to a tenth of an inch, or it can simply say "shown as Plot B on a survey recorded.... " or "as described in a deed from John Doe to this Grantor dated May 1, 1887 and recorded...." An unbiased third party has to be able to read it (including other documents on record and referred to) and know where the lines are. If the description says "One acre" and then describes forty, that's a problem. Which one acre within that forty is it? However... if it describes the whole forty and looks fine on its face, you still might get the deed set aside if you can prove that it is highly likely that she was mentally incapacitated (by the medication and the condition it was to treat). You're going to have problems with Fraud, as they can merely claim that the agreement was for the whole parcel. However, another possibility is Mistake. If you can get the Hearsay evidence in to show that she thought she only gave away an acre, the entire deed can be set aside. I don't know what your chances are, I'd have to see the Deed and any other records of the transaction, and if she updated her Will after that conveyance, does it mention the land?

Answer 3

A quit claim deed does NOT get anyone off an existing mortgage. It only affects title rights. The existing mortgage must be assumed (rarely permitted nowadays) by the new buyer or a new mortgaged obtained and the old one paid off.

Answer 4

Purchase the house from your mother on land contract. That way she can keep her current mortgage, while transferring ownership to you when the land contract is paid off. As a side note, if you simply assume your mother's payment obligations, you are not entitled to use the interest paid as a deduction against your income tax, and neither is she. A land contract will handle both issues.

Answer 5

GIVE HER A LARGE DOWN PAYMENT AND PAY HER MORTGAGE