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    brandemour's Avatar
    brandemour Posts: 3, Reputation: 1
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    #1

    Aug 28, 2008, 12:56 PM
    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.
    rockinmommy's Avatar
    rockinmommy Posts: 1,123, Reputation: 82
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    #2

    Aug 28, 2008, 01:53 PM
    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?)
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Aug 28, 2008, 02:19 PM
    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
    brandemour's Avatar
    brandemour Posts: 3, Reputation: 1
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    #4

    Aug 28, 2008, 02:42 PM
    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.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #5

    Aug 28, 2008, 06:36 PM
    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.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #6

    Aug 29, 2008, 07:31 AM
    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.
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