0
Do co-trustee names have to be on the quitclaim to transfer property out of a family trust?
Wiki User
∙ 9y ago
Yes. A trust can only act through its trustees. The trust document should always be drafted by an attorney who specializes in trust law in your jurisdiction. The trustees must have the power to transfer real estate clearly expressed in the trust document. They should be listed in the deed as the grantor and as the trustees of the particular trust. They must sign the deed as trustees.
Trust law is extremely complicated and actions involving real estate should be supervised by an attorney. Errors made by non-professionals can be costly to correct.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
Explaining the Quitclaim Deed?
A quitclaim deed is a legal document used to transfer ownership of a property without any guarantee of title. It simply means that the person transferring the property is giving up their claim to it, without promising that they have clear ownership. This type of deed is often used in situations like a divorce, between family members, or to clear up any potential issues with the title.
Why is quitclaim deed required?
Quitclaims (sometimes called "quit claims") are a type of property deed that is easy to fill out and file without the help of an attorney. It is often used between spouses, friends and family members for the purpose of transferring ownership of a property and also identifying exactly who the owner of the property is.
What is a quick claim property sale?
The correct term is "quit claim" deed. A quitclaim deed transfers the grantor's interest in the property whatever that interest may be. There is no guarantee that the grantor owns 100% interest in the property nor does it list encumbrances. It is contrasted with a warranty deed which generally warrantees the grantor is the owner, that she/he has the right to sell the property and there are no encumbrances except those listed. Quitclaim deeds are the most common way to transfer property in some areas and are less common in others. They are used for many different conveyancing purposes such as easements, releasing a life estate, adding another owner to the title, inter-family transfers, deeds from a straw, etc. The grantor's interest can always be determined and confirmed by a title examination by a professional.
Can a house be foreclosed on in a person's name who is not on mortgage but property is quick claimed to them and they quick claim property back into estate of deceased person name before foreclosure?
A mortgage in default can be foreclosed no matter how many times you quitclaim it around the family. Every person who receives the property by a quitclaim deed takes it subject to the mortgage. You may slow down the process a little and add to the costs of the foreclosure but the foreclosure rides on the person who had title at the time of the mortgage. THEY gave an interest in the property to the bank in exchange for cash. If the cash was not paid back the bank is going to take possession of the property. Subsequent owners only need to be given notice of the proceeding.
Can a deed to the family home be transferred to the executrix who is also a beneficiary without the signatures of all the beneficiaries?
The beneficiaries do not have the ability to transfer property. The executor can deed the property to whomever it is being sold or distributed to. The executor can also transfer the deed to the estate while determining disposition.
Can the executrix collect her admisitrative fees from inherited property that was deeded to heirs prior to death?
Generally, no. If the decedent transferred real property prior to death and the deed was recorded at the time of the transfer, it was not part of the estate when she died.You should note, however, that you referred to the property as "inherited property" in your question. The executor has control over all "inherited property". If the property was transferred to family members prior to death then it was not "inherited".You should discuss this matter with the attorney who is handling the estate.Generally, no. If the decedent transferred real property prior to death and the deed was recorded at the time of the transfer, it was not part of the estate when she died.You should note, however, that you referred to the property as "inherited property" in your question. The executor has control over all "inherited property". If the property was transferred to family members prior to death then it was not "inherited".You should discuss this matter with the attorney who is handling the estate.Generally, no. If the decedent transferred real property prior to death and the deed was recorded at the time of the transfer, it was not part of the estate when she died.You should note, however, that you referred to the property as "inherited property" in your question. The executor has control over all "inherited property". If the property was transferred to family members prior to death then it was not "inherited".You should discuss this matter with the attorney who is handling the estate.Generally, no. If the decedent transferred real property prior to death and the deed was recorded at the time of the transfer, it was not part of the estate when she died.You should note, however, that you referred to the property as "inherited property" in your question. The executor has control over all "inherited property". If the property was transferred to family members prior to death then it was not "inherited".You should discuss this matter with the attorney who is handling the estate.
How can I give property to a family member?
If it is personal property, such as jewelry or china, you just give it to them! It would be good to document the transfer in some manner, a simple letter or listing should suffice. If it is real property, (land) a quit claim deed is the simplest manner.
What is the difference in ownership rights with a Grant deed and a Quit Claim deed?
Grant Deed gives permission to use or occupy land. A Quit Claim is usually used to simply change the name on a title of land/house within the family, without going through all the documents of an actual sale. If your father is putting the house in your name, there's no sale. He would just file a Quit Claim to change the name. A Grant specifies which rights are being transferred as well as what warranties are being made.Slightly different than the above explanation - a quit claim does not actually claim to have and transfer anything..it says the givor is agreeing to give up the rights, if any - that they may have.Hence the name - "quit claim" - someone says they won't make a claim, even if they could.
What is a quit deed?
A quitclaim deed transfers whatever interest the maker of the deed may have in the particular parcel of land. By accepting such a deed the buyer assumes all the risks. A quitclaim deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has.A quitclaim deed can indicate the grantor's interest in a property is questionable or can be given to clear a title defect. However, it is also the form commonly used in many jurisdictions to transfer real property to an new owner. A comprehensive title examination performed by ba professional mitigates any risk by disclosing any outstanding encumbrances or title defects.
How do you change the title of your home to a family member?
To change the title of your home to a family member, you would need to go through a legal process known as a property transfer. This typically involves completing a deed transfer, paying any required fees, and updating the title with the appropriate local authority. It's important to consult with a real estate attorney or a local housing authority for guidance on how to proceed with this process.
If you sell your property and deliver a quitclaim deed at the closing can your creditor still record a lien against the property?
You have asked a somewhat complicated question.The following is general information only. You should consult with an attorney who can review your situation and explain your rights and options under your state laws.If you know you have creditors and transfer your property to a friend or family member for a nominal consideration the court can void that deed if the conveyance is determined to be a fraudulent conveyance in order to avoid creditors.If you sell the property and your creditor manages to record a lien before the buyer records their new deed, the property will be subject to the lien.If you have creditors and you decide to sell your property to a third party for fair market consideration before any liens are recorded, you will manage to elude your creditors as to their ability to take the property. As long as no liens have been recorded prior to the recording of the new deed the creditors will have missed their chance to record liens against the property.
Is it illegal to quick claim deed to someone other than family?
To start with, it is a "quit" claim deed. And basically you are relinquishing your share of the property to someone else. This usually happens when there are two names on the deed and one wants out of ownership. They usually quit claim deed their share to the other person on the deed. Family has nothing to do with it. The only thing that MIGHT affect this transfer is if it was agreed upon prior to taking ownership of the property that it can only be transferred to someone within the family. Rare, but who knows, this stipulation might exist. In most states one tenant by the entirety cannot transfer their interest in the property.
