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Are you financially responsible after you deed over the property?

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2016-02-19 21:37:23
2016-02-19 21:37:23

Mortgages have a due on transfer clause that is triggered by any transfer of interest to a third party. If you granted any mortgages on the property you are responsible for paying off the mortgage from the proceeds of the sale. The attorney who represents the buyer will generally make certain mortgages are paid since they are certifying the title. If the mortgage isn't paid off the lender will foreclose and take possession of the property by foreclosure. The same goes for any other outstanding liens or property tax obligations. The buyer’s attorney would make certain those liens are paid off before the buyer takes title.

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2016-02-19 21:34:28
2016-02-19 21:34:28

In addition to the information provided above you, as the former owner, may have responsibility for issues NOT disclosed about the property during your time of ownership such as buildings or structures on the property without having proper authority or permits, chemical contamination, structural defects, dangerous conditions, etc. Some states require disclosure statements and professional inspections.

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If you acquire a property by deed then you will be the owner. You will have the right to the use, possession, income and profits from the property. You will have absolute rights in the property. You will also be responsible for the property.

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If the owner of property conveys that property by a quitclaim deed while they still own it then they no longer own the property. It is now the property of the grantee in the deed.

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my aunt left me property in her will, and now I would like to sell the property, but I don't have a clear deed. how do i get a clear deed to the property so that I can sell the property?

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Real property transferred by deed cannot be "reclaimed" unless there were conditions mentioned in the deed that would trigger a reverter if not met and those conditions were not met. If the property was simply transferred to a new owner with no restrictions the former owner no longer has any interest in the property not any control over it.Real property transferred by deed cannot be "reclaimed" unless there were conditions mentioned in the deed that would trigger a reverter if not met and those conditions were not met. If the property was simply transferred to a new owner with no restrictions the former owner no longer has any interest in the property not any control over it.Real property transferred by deed cannot be "reclaimed" unless there were conditions mentioned in the deed that would trigger a reverter if not met and those conditions were not met. If the property was simply transferred to a new owner with no restrictions the former owner no longer has any interest in the property not any control over it.Real property transferred by deed cannot be "reclaimed" unless there were conditions mentioned in the deed that would trigger a reverter if not met and those conditions were not met. If the property was simply transferred to a new owner with no restrictions the former owner no longer has any interest in the property not any control over it.

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No. If you own property and execute a quitclaim deed transferring your interest, you no longer own the property. The property has a new owner and you have no authority over it.


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