Quick Claim Title--- Real Estate

[buddym]

I have a piece of property that i have to have transfered to me Mucho Fast. This has been in a relative's name for over twenty years and they are sick.It is mine but was put in their name because of some problem's. Is this something that title company can do fast or do i need to contact a real estate lawyer. ?

 

[Inactiongirl]

I have a piece of property that i have to have transfered to me Mucho Fast. This has been in a relative's name for over twenty years and they are sick.It is mine but was put in their name because of some problem's. Is this something that title company can do fast or do i need to contact a real estate lawyer. ?

http://www.mortgagefit.com/quitclaim-deed.html

 

[awmllc2000]

I have used the ones at staples store on many occasion. No lawyer needed for somthing as simple as this.

 

[buddym]

If i read it correctly, being the grantee i just get the form send it to her to be notorized and witnessed and then she sends back to me , i take to the deed office and have it recorded. seems awfully easy. She gave me the impression i had to use a lawyer, i guess since she knew i would pay for it.

 

[kermit16]

I have been a Real Estate Broker in Oregon from 1966 to 2004. My advice is simple ! Never use a quitclaim deed to transfer property to your name. A warranty deed is the best but even a bargain and sales deed is better than a quitclaim deed. A quitclaim deed transfers your interest if any out of a property. Quitclaim deeds are often used to clear a cloud on a Title but almost never used to transfer ownership because the grantor doesn't always even have any real interest in a property. Ask any Title Co lawyer and if he knows anything, He will advice you to use anything but a quitclaim deed.
BTW You in no way need a lawyer ! You can do it yourself but you will need the deed to be notarized !

 

[ProPokerPlayer]

If your doing this because you are afraid they may die soon then you should get an estate lawyer....Every state is different but i know here any property transfered within a year or so of death can STILL be included in their estate in some cases....

 

[buddym]

Quick Clain Deed -- Oregon

I have been a Real Estate Broker in Oregon from 1966 to 2004. My advice is simple ! Never use a quitclaim deed to transfer property to your name. A warranty deed is the best but even a bargain and sales deed is better than a quitclaim deed. A quitclaim deed transfers your interest if any out of a property. Quitclaim deeds are often used to clear a cloud on a Title but almost never used to transfer ownership because the grantor doesn't always even have any real interest in a property. Ask any Title Co lawyer and if he knows anything, He will advice you to use anything but a quitclaim deed.
BTW You in no way need a lawyer ! You can do it yourself but you will need the deed to be notarized !

That is ironic. The property is located in Texas. The property owner as of now is living in Portland oregon. I live in Texas and property is located here in Texas. So, what you are saying is for me to get thewarranty deed or should it be instigated on her end in Portland. There is and has nver been a lein on the property as i paid cash over tewenty five years ago. This is a living relative, if that makes a difference. thanks

 

[kermit16]

That is ironic. The property is located in Texas. The property owner as of now is living in Portland oregon. I live in Texas and property is located here in Texas. So, what you are saying is for me to get thewarranty deed or should it be instigated on her end in Portland. There is and has nver been a lein on the property as i paid cash over tewenty five years ago. This is a living relative, if that makes a difference. thanks

A simple Bargain and Sales Deed will cleanly transfer the property from your relative back into your name. Any Title Company in Texas will give you one to fill out if you ask them. the cost of the actually Deed is just a few dollars.The only problem with a Bargain and Sales Deed is that if for any reason your relatives in any way incumbered the property while they were in Title, the Bargain and Sales deed does not releive you of the encumbrance and they do not guarantee the Title to be free and clear of all encumbrances. A Warrantee deed is the best and it guarantees the Title to be free of all encumbrances irregardless of when the property became emcumbranced. A special Warranty deed is almost exactly the same as the warranty ded except the grqantor only grants the Real Estate to be free and clear of any emncumbrances that may have been created while they were in Title. An encumbrance could be a lien that they created by getting an mortgage on the property, property taxes that were not paid or even a judgement against them that the creditor filed a lien on their belongings. A Title search will quickly locate any such liens etc. If you know your relatives quite well, that decision is yours to make. As a Real Estate Broker however, I have never closed a property without a Title search but of course that is because as Brokers, We could lose our license by failing to do so. As I mentioned earlier, no Broker or Lawyer is necessary to fill out any of the deeds mentioned. Pretty cut and dry as you only have to more or less fill in the blanks like legal description, name of grantor and yourself the grantee, date and have it notorized. I would get a deed from Texas Title Co as usually the State of Texas will already be part of the deed and you said the property was in Texas.

 

[buddym]

Thanks will do that Monday, have it signed sent to her notorized , registered witht he county and should be free. thanks again.

 

[kermit16]

Thanks will do that Monday, have it signed sent to her notorized , registered witht he county and should be free. thanks again.

:toast: Glad If I helped ! GL

 

[Halifax]

I wonder if your relative is going to have a tax liability on the transfer ? Maybe capital gains tax on the difference between what they/you paid for the property and what the property is currently worth ?

And are you going to have to pay any tax as a result of this ? Maybe if it's viewed as a Gift ?

Just curious, because I'm in a similar situation to you, and will likely have to do the same thing in a few years.

 

[buddym]

This is supossed to be regarded as a gift. A simple transfre from sister to brother.. It was given to me upon my parents death, but naturally never transfered.A long time has expired and i think i better do it more sooner than later.I'm sure she hasn't included this with her taxes and it kind of stays in limbo.

 

[Willie99]

I'm reading into this and making some assumptions, but you might want to have a consultation with a good elder law attorney.

The quick deed might not lead to desired results, and can actually have adverse consequences if a judge decides you're trying to commit fraud. Don't damage your credibility when you might need it for negotiations.

Good luck

 

[buddym]

Quick Claim Deed

I wonder if your relative is going to have a tax liability on the transfer ? Maybe capital gains tax on the difference between what they/you paid for the property and what the property is currently worth ?

And are you going to have to pay any tax as a result of this ? Maybe if it's viewed as a Gift ?

Just curious, because I'm in a similar situation to you, and will likely have to do the same thing in a few years.

Decided to go the warranty deed route. don't trust the attorney. This is rather a unique situation. Don't like to air my laundry on a puplic site but it's not that devious. Many years ago loaned my Father money to buy some property on the lake. In the business i'm in didn't want it in my name. Upon his death in his will he willed it to my sister with the stipulation that she never sell it and relinquish it to me as soon as i asked. After stealing everythng she could get her hands on and driving a wedge between us that will never be healed, i have decided i want it back in my name no matter what the liability is . I don't mind the taxes as she has not claimed it and it stayed in a state of limbo. She argues that it is in her will to go to me , but after what she did ,:discuss:don't trust her as far as i can throw her. It's funny what money can do. -- No, not really have seen it done hundred's of times.

 

[fhmesq44]

you might also want to look into title insurance.

 

[Seymour]

I have a piece of property that i have to have transfered to me Mucho Fast. This has been in a relative's name for over twenty years and they are sick.It is mine but was put in their name because of some problem's. Is this something that title company can do fast or do i need to contact a real estate lawyer. ?

If you PM the state (I need to know the formalities), the parties involved and the legal description I will do it for you tonight via an attachment.

 

[buddym]

I sure apprecaite it. Evidently she went ahead with it and is sending it to me to have notarized and registered with the state.Hope, with my fingers crossed go okay with no more hitches and surprises.

 

[fhmesq44]

FYI, SHE has to have it notarized, you can't do it. It is her signature that has to be notarized; i.e., she has to sign it in the presence of a notary public who will likely ask for ID.

 

[kermit16]

I sure apprecaite it. Evidently she went ahead with it and is sending it to me to have notarized and registered with the state.Hope, with my fingers crossed go okay with no more hitches and surprises.

You are going to have her signature notarized ! Not in this world ! She has to sign in front of a notary. Without her signature being notarized, there is no way the deed can be recorded and is of little value ! I think someone has already mentioned it but I just wanted to reiterate the same message.

 

[buddym]

I was in a hurry and trying to make a tee time. I did word it wrong. She has had it notarized and being sent to me and i hope then to sign and register it with the state. The wheels are in motion and i hope will be finished soon.