Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Real Estate Law (https://www.askmehelpdesk.com/forumdisplay.php?f=29)
-   -   Quit Deed (https://www.askmehelpdesk.com/showthread.php?t=254097)

  • Aug 28, 2008, 12:56 PM
    brandemour
    Quit deed
    If my mother has a house with a lien - can I file a quit deed? She took a lien for $5000 guaranteeing that she would not sell the house for 5 years.
  • Aug 28, 2008, 01:53 PM
    rockinmommy
    Need a little more info...

    You mother is the (sole) person listed on the deed?
    And you want her to sign a quit claim deed taking herself off and adding you, or just adding you while she remains on the deed? What's the scenario?

    As for the lien, is it the only thing filed against that property? Do you have a copy of the any and all paperwork they signed? Is there a "due on sale clause?" Have you talked to the lien holder about your plans? Are you planning to satisfy the lien? (Pay it off?)
  • Aug 28, 2008, 02:19 PM
    Fr_Chuck
    Ok, they owe you money? You can get your mom to sign a mortgage to you and put a second lien on the house.

    If you want to take over ownership you can quitclaim the houe as long as you pay off the current liens on the house
  • Aug 28, 2008, 02:42 PM
    brandemour
    On the house, I am only the beneficiary. I wanted to put my name on the deed so in the event of her passing it would automatically come to me (joint owners with right of surviorship). Then she took out a lien to pay for some renovations. The deal is: the lien is pay off in 5 years as long as she owns the house for 5 years. My question is - if I take the house out of her name altogether and put my name on it, is it technically selling it since she is going to remain living there.

    You are absolutely right. I need to look and talk to the people who gave her the money.
  • Aug 28, 2008, 06:36 PM
    ScottGem
    Thye purpose of a lien is to prevent the transfer of ownership until the lien is satisfied. So, no, you can't use a quit claim deed to transfer ownership.
  • Aug 29, 2008, 07:31 AM
    ScottGem
    I merged the two threads and see there is more info here. Your mom can't "take out a lien" against here own home. Do you mean she took out a LOAN using the home as collateral so the lender placed a lien on the property?

    Yes, if you change the ownership in any way, its considered a sale. There will be tax consequences among others of a sale. In addition the lien has to be satisfied.

    What you might consider is a life estate. This is where Mom sells the home to you, maintaining the right to live there for the balance of her life.

  • All times are GMT -7. The time now is 06:10 PM.