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

    Nov 28, 2008, 12:32 PM
    Quit claim deed
    Help:confused

    Myself and my husband bought a villa in Florida 3 years ago along with my brother and his then girlfriend, who is now his wife. We have a mortgage on the villa and myself and my husband are the main two on the mortgage, their names are never on any correspodence or statements. They no longer want any part of the villa and have agreed to sign a quit claim deed signing over full ownership to us. We are happy to do this and will continue to be responsible for the entire mortgage and the villa. We are all based in the UK. I have q quit claim deed form, for all to sign and have notarized here in the UK and then I will file it in Polk County Court next week. Is this OK??
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Nov 28, 2008, 03:38 PM
    Quote Originally Posted by floridavilla View Post
    Help:confused

    Myself and my husband bought a villa in Florida 3 years ago along with my brother and his then girlfriend, who is now his wife. We have a mortgage on the villa and myself and my husband are the main two on the mortgage, their names are never on any correspodence or statements. They no longer want any part of the villa and have agreed to sign a quit claim deed signing over full ownership to us. We are happy to do this and will continue to be responsible for the entire mortgage and the villa. We are all based in the UK. I have q quit claim deed form, for all to sign and have notarized here in the UK and then I will file it in Polk County Court next week. Is this ok?????????


    What does the mortgage company say? If 4 people signed and now 2 want to be taken off the ownership papers (the Deed) it is entirely possible that the mortgage company will not consent OR will want a new mortgage. They approved 4 people, possibly 4 incomes, and in this economy I'll be surprised if they now agree that only 2 people are responsible.

    If you don't get permission before you do this and the mortgage company cares enough to be angry they can recall your mortgage which would then become 100% payable immediately.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Nov 28, 2008, 03:51 PM

    Yes check with the mortgage company first. Almost all mortgages have a due on sale clause and they are essentially selling their share to you.

    You should also check what tax consequences there may be. In the US they would have to file a gift tax return. Not sure what the UK would need.
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