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    ginelda's Avatar
    ginelda Posts: 1, Reputation: 1
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    #1

    Sep 7, 2007, 05:55 PM
    Quick claim deed
    I have a home in providence, ri I sign a quick claim deed to a friend because I had other homes and wanted either sell this one or pass it to a friend which I did.. however I sign the claim deed in June and she was going to trasferred the loan to her name right away but this has not yet happened and she is paying late on the loan which is still in my name. Can I reverse the quick claim deed back to my name. My credit is being affected and she is coming up with a lot of excuses..
    pacific nw's Avatar
    pacific nw Posts: 117, Reputation: 11
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    Sep 8, 2007, 12:29 AM
    No. Once a Quit Claim deed is recorded, it takes the other person to file a Quit Claim deed back to you. In my State, there is a 1.78% tax every time Title changes. On a $100,000 property, that amount is $1,780.00. The loan probably has a "due on sale" clause which would have been in effect when you signed the Quit Claim deed thereby transferring Title. Your bank can probably start a foreclosure. You may also have Tax implications. I would definitely consult a Real Estate Attorney on this one.
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