Results 1 to 3 of 3
  1. #1

    Default Effect of Filing a Quit Claim Deed

    My Dad helped me buy a house 10 years ago, and I'm the only one that lives there. It was a $50,000 house. I paid $5,000 and my dad paid the rest, so the house was bought without a bank loan. The idea was that I pay my dad back in monthly payments until I eventually pay off the cost of the house. We also both signed a promissory note that he wrote up, which also stated that when the whole cost of the house was paid back by me to my dad, the house would be solely mine. Currently, we have it titled to both of us as joint tenants. This was to protect both of us in case there was any problems along the way. There weren't any.

    Now that I've paid for the entire house, I've asked how to transfer the entire house to me and not have my Dad's name on the title anymore. I was advised to do a Quit Claim. It looks like that would do the trick. But now I've got specific questions about the QC.....

    I'm eligible for certain credits at tax time based on my property taxes (which I pay all of). These credits are somewhat diminished or eliminated because of there being more than one name on the title. Does filing a QC simply override the fact that my dad's name is on the title, or does it actually REMOVE his name from it? In other words, when my property tax bill comes in the mail, will there be both names on it as there is now, or just my own?

  2. #2
    Join Date
    Jun 2009
    Location
    Houston, Texas
    Posts
    75

    Default Re: Effect of Filing a Quit Claim Deed

    Aldebaran

    The QC will remove your father's name from the title.

    Yes this will change your tax status on the property.

  3. #3

    Default Re: Effect of Filing a Quit Claim Deed

    Quote Quoting Deward Bowles
    View Post
    Aldebaran

    The QC will remove your father's name from the title.

    Yes this will change your tax status on the property.
    Thanks! This option is excellent for those who don't have hundreds of dollars to spend at an attorney's office. Kind of like changing the oil in your car yourself instead of paying a mechanic, if you know how to do it.

    1. Sponsored Links
       

Similar Threads

  1. Deeds - Quitclaim: Effect of a Quit Claim Deed, Executed but Not Registered
    By skunktriscuit in forum Real Estate Ownership and Title
    Replies: 2
    Last Post: 07-16-2010, 08:47 AM
  2. Effect Of Quit Deed Claim Written At The Same Time As A Will, in Connecticut
    By Confused in Arizona in forum Estate Planning, Administration and Probate
    Replies: 3
    Last Post: 01-07-2008, 07:47 PM
  3. Property Division: Do You Still Need A Quit Claim Deed After Filing a Court Order
    By RoxieTN07 in forum Divorce, Annulment and Separation
    Replies: 2
    Last Post: 11-05-2007, 12:05 PM
  4. Debt Collectors: Filing a Quit Claim Deed While Being Sued
    By lriff in forum Debts and Collections
    Replies: 1
    Last Post: 10-27-2007, 08:14 AM
  5. Deeds - Quitclaim: Filing a Quit Claim Deed After Divorce
    By jersey girl in forum Real Estate Ownership and Title
    Replies: 1
    Last Post: 04-19-2006, 06:51 AM
 
 
Sponsored Links

Legal Help, Information and Resources