Quit Claim Deed??? - Chicagoland Sportbikes
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post #1 of 11 (permalink) Old 01-28-2009, 04:27 PM Thread Starter
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Quit Claim Deed???

I've done a search online on this term and just don't quite understand the language. From what I gather I would be turning ownership and all rights to my home to a third party, but there is still a mortgage out the home. Am I responsible for the mortgage even after I deed it to someone else. how does this work???
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post #2 of 11 (permalink) Old 01-28-2009, 04:35 PM
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I am using one to get my wife on the title.

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post #3 of 11 (permalink) Old 01-28-2009, 04:37 PM
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i used it when I refianced and bought out my roommate. He relinqished all rights and responsabilities of the house in exchange for a lump of cash. When I refianced his name wasn't on the new mortgage. Are you trying to add somebody or remove somebody? You might want to contact your lender if you are trying to remove somebody but leave there name on the mortgage.

<-- Chris

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post #4 of 11 (permalink) Old 01-28-2009, 05:55 PM Thread Starter
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trying to add someone....perhaps remove myself....its complicated. trying to protect an asset without getting into too much detail.
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post #5 of 11 (permalink) Old 01-28-2009, 08:31 PM
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You use a quit claim when you want to change the name on the title or give up the property to someone else. You got it right.

So if you get a divorce and your wife gets the house then you have to sign a quit claim deed to relenquish your right to the title. She then gets a new deed with only her name on the title.

I own property in rural Colorado that I inherited from my hippy father who bought it in 1969 to start a commune. When he died my mom was still on the title even though they divorced in 1993 because he was too lazy to change the title.

I had to ask my mom to sign a quit claim deed in order to transfer the ownership from her to me. The property is nearly worthless as it is 120 miles from the nearest town. Real estate agents and appraisers won't even go there to show or appraise the property because they'd spend more on gas getting there and back then they'd make in commission.

So every year I pay $120 in county tax on it still. It's crossed my mind that I could quit claim the property and give it back the county and take the donation as a tax write off but I'm still hoping to camp on it someday.

The land is nearly worthless as this sort of land only grants surface rights. Anything under the top soil is owned by the govt so I can't even drill for oil. Went there once when I was a kid and in got down to 30 degrees in Aug at night and 120 in the day. There isn't any water and it is on a monsterous plateau so the water table is too far down even if I could legally drill. Oh and there's a restrictive convenent on it that says it can never be used for open graising so I can't even lease it to ranchers.

I still might keep it but that's essentially what a quit claim is. And yes, if you file one you are on the hook for the balance due on the mortgage. My dad paid it off in 1975.

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post #6 of 11 (permalink) Old 01-28-2009, 11:10 PM Thread Starter
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I get it now. can I still do this while the mortgage is in my name? or does the other person have to take a mortgage out in there name?
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post #7 of 11 (permalink) Old 01-28-2009, 11:16 PM
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I own property in rural Colorado that I inherited from my hippy father who bought it in 1969 to start a commune. When he died my mom was still on the title even though they divorced in 1993 because he was too lazy to change the title.
Sounds like one hell of an outdoor/hunting place.

-Eric
post #8 of 11 (permalink) Old 01-29-2009, 10:02 AM
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I get it now. can I still do this while the mortgage is in my name? or does the other person have to take a mortgage out in there name?
Yes. The quit claim deed will not alter or affect the existing loan. You are still responsible for & should be making the payments. If the grantee (person receiving title to the property) will be making the payments you will want to check with your lender to see if they'll allow this. Most mortgages are not assumable & lenders holding notes on non-assumable mortages sometimes take issue with payments coming from a third party. If that's the case, the payments may have to funnel through you.

The grantee may have some issues refinancing later too, depending on when & what kind of loan is wanted. If the intention is for them to refinance within 12 mos or pull cash from equity you might want to consider other options.
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post #9 of 11 (permalink) Old 01-29-2009, 10:29 AM
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Sounds like one hell of an outdoor/hunting place.

-Eric
Maybe, I don't know. It's only 5 acres though. I could buy the 2 adjoining lots and have 15 but then I'd have to pay $360 a year in taxes.

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post #10 of 11 (permalink) Old 01-29-2009, 10:32 AM
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Ill give ya $300 for it Just kidding, but seriously.

-Eric
post #11 of 11 (permalink) Old 01-29-2009, 10:33 AM
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Ill give ya $300 for it Just kidding, but seriously.

-Eric
Add a zero and I'll sign a quit claim and give it to you. I know a lawyer out there who'll handle everything. I'll even give you the guys name withthe 10 acres next door and toss in some Google Map images for free.

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