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If one of 3 Grantees on a Quit Claim Deed dies before the Grantor dies does his share of property then transfer to the other 2 Grantees listed on the deed?
Dcb2009
The grantor has no interest in the property once they convey it. Their death has no bearing on the question.
At the time of the conveyance the parties should decide what they want to happen to the property upon the death of any of the grantees. If they hold title as joint tenants with the right of survivorship, the interest of any co-tenant who dies automatically passes to the other co-tenants. If they hold title as tenants in common, the interest of any co-tenant who dies will pass to their beneficiaries under their will or to their heirs-at-law according to the state laws of intestacy.
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∙ 14y ago
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Grantor conveyed their property to a trust reserving a life estate. If the sole beneficiary dies before the Grantor does the property revert back to the original Grantor?
No. Not unless the trustor made that reverter a provision of the trust.If a grantor transferred their property to a trust and reserved a life estate, the life estate continues even if the beneficiary of the trust dies. There should be a provision in the trust that directs where the property should go in the case of the death of the sole beneficiary. This is a good example of the need for an expert to draft any trust.You need to review the terms of the trust to determine how the trust property will be distributed. If the trust doesn't address this issue then it may need to be addressed by a court.
Does a person who signs a quit claim deed have right to the property?
Not necessarily, a quit claim deed just assigns all interest from one party to another. I can give you a quit claim deed to the Brooklyn Bridge, assigning you all of my interest in that property. The deed would be legal in that I am assigning all of my interest in the bridge, but you wouldn't have any more interest in the bridge AFTER receiving the deed than you did before, since I do not have any interest in the bridge. If there are other encumbrances against the property, a quit claim deed does not remove those encumbrances and in fact may result in the acceleration of a mortgage repayment, if a current mortgage exists against the property.A Quitclaim deed is often used when people want to change the wording on a deed or to enable the other party to sell the house without needing the signature of anyone else on the deed. I have seen them used to "clean up" the names on a title for the sale of a home or for refinancing. As stated above, the effects of a quitclaim do not eliminate the lien the bank has on the house if the house is not paid for. It does not remove or change the names on the mortgage and those people's responsibility to pay. Clarification:If the grantor on the quitclaim deed owns all the interest in the property in fee then YES you would acquire ownership of the property. If there were any liens and encumbrances you would acquire the land subject to them. In some parts of the country quitclaim deeds are often used to convey real property.
How is the transfer of property affected if the seller dies before the transfer?
If the grantor died before they signed the deed of transfer the buyer must complete the action through the executor or administrator of the estate. The buyer may need proof of the intended transaction, such as a purchase and sale agreement signed by the decedent, if the heirs do not want to sell the property. The buyer may need to consult with an attorney who can review the situation & any documents and explain the options if the heirs don't want to complete the sale.If the grantor died before they signed the deed of transfer the buyer must complete the action through the executor or administrator of the estate. The buyer may need proof of the intended transaction, such as a purchase and sale agreement signed by the decedent, if the heirs do not want to sell the property. The buyer may need to consult with an attorney who can review the situation & any documents and explain the options if the heirs don't want to complete the sale.If the grantor died before they signed the deed of transfer the buyer must complete the action through the executor or administrator of the estate. The buyer may need proof of the intended transaction, such as a purchase and sale agreement signed by the decedent, if the heirs do not want to sell the property. The buyer may need to consult with an attorney who can review the situation & any documents and explain the options if the heirs don't want to complete the sale.If the grantor died before they signed the deed of transfer the buyer must complete the action through the executor or administrator of the estate. The buyer may need proof of the intended transaction, such as a purchase and sale agreement signed by the decedent, if the heirs do not want to sell the property. The buyer may need to consult with an attorney who can review the situation & any documents and explain the options if the heirs don't want to complete the sale.
If ex husband signed the property over to you by quitclaim deed are his liens still on property?
Yes. The liens are attached to the property. You should insist that the liens be paid before the transfer.
Can someone purchase a home and then deed it to you?
Yes, if they pay cash. However, if they borrow money to purchase the property and have a mortgage, they cannot transfer their interest unless they notify the bank. The bank will likely demand the mortgage be paid before the property is transferred.Yes, if they pay cash. However, if they borrow money to purchase the property and have a mortgage, they cannot transfer their interest unless they notify the bank. The bank will likely demand the mortgage be paid before the property is transferred.Yes, if they pay cash. However, if they borrow money to purchase the property and have a mortgage, they cannot transfer their interest unless they notify the bank. The bank will likely demand the mortgage be paid before the property is transferred.Yes, if they pay cash. However, if they borrow money to purchase the property and have a mortgage, they cannot transfer their interest unless they notify the bank. The bank will likely demand the mortgage be paid before the property is transferred.
What will happen to mortgaged property placed in trust?
The property will transfer subject to the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure. However, please note that most mortgage documents contain a 'balance due on transfer clause". That means if the title to the property is transferred the bank can demand full payment of the mortgage. You should consult with your bank before making this transfer.
How long before quit claim deed is permanent?
A quit claim deed is final as soon as it is signed by the grantor and handed over to the grantee. In order to preserve their interest in the property and notify the world that the property has a new owner the deed should be recorded in the land records immediately.
Can your grandmother sell you her house for a dollar before she enters a nursing home?
There can be all sorts of legal and tax consequences when an elderly person transfers real estate both for the grantor and the grantee. Estate planning should be done years in advance. Real property needs to be out of an elder's name for several years before it is considered to be out of their estate for tax and medical benefit purposes. You should seek the advice of an estate planning attorney as soon as possible before making such a transfer.
If you lost deed before it was file?
You need to work as quickly as possible to obtain a confirmatory deed from the grantor. Without it you have no proof that you own the property. Record title stands in the name of the former owner until you record your deed.
Does a deed for property complete ownership if it hasn't been recorded yet in NJ?
No. Only you and the grantor know you own the property. You need to record your deed in the land records to notify the public that the land has a new owner. If someone records a lien against the record owner before you record your deed the land will be subject to that lien as long as your deed has not been duly recorded.No. Only you and the grantor know you own the property. You need to record your deed in the land records to notify the public that the land has a new owner. If someone records a lien against the record owner before you record your deed the land will be subject to that lien as long as your deed has not been duly recorded.No. Only you and the grantor know you own the property. You need to record your deed in the land records to notify the public that the land has a new owner. If someone records a lien against the record owner before you record your deed the land will be subject to that lien as long as your deed has not been duly recorded.No. Only you and the grantor know you own the property. You need to record your deed in the land records to notify the public that the land has a new owner. If someone records a lien against the record owner before you record your deed the land will be subject to that lien as long as your deed has not been duly recorded.
What happens if a Quit Claim Deed is executed and before it is recorded an Attorney Lien is recorded on the property even though the person owing the debt is the one who executed the quit claim deed?
The lien is valid. A quit claim deed merely transfers the seller's interest in the property; it doesn't guarantee that the deed is free of any encumbrances - for that, one needs a warranty deed.
What is deed of warranty?
A warranty deed is a type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee, in contrast to a quitclaim deed, where the seller does not guarantee that he or she holds title to a piece of real estate.
