Why do I need to do a Quit Claim Deed for my Mom's house to be sold?
My parents lived in Georgia and my dad recently passed away. Moved mom to a NH in Florida. I need to sell the house using my DPOA but am being told I need to get a Quit Claim Deed first. Why? How does this affect me personally?
QCD's are often thought to be a simple way to get around transferring property but they can pose long term problems. QCDs transfer what a person "thinks" is their ownership in the property. There is no guarantee of ownership. It is only a warranty deed that guarantees ownership. Because of this, a WD is almost always required by a lender (like a bank or a mortgage co.) to get a mortgage done to buy a property or to later on get any equity based lending (like a heloc) on the property by the buyer. The banks are totally skittish on QCDs after the last housing meltdown.
Now QCDs most often are done & with no real issues when transferring property in a divorce settlement and the QCD is within the legal document of the divorce and a judge oversees the divorce. I've gotten property this way dealt with an ex & the decree in detail states value & debt service (like the ex has to pay off mortgage) & release of the deed of trust, etc. so its finite as to ownership.
The answers to GardenArtist & Freqflyers ? will make a big difference in why or why not a QCDs is the route to take.
I too have a ?: Is or will moms care in FL ever involve Medicaid? Is the QCD being done as a part of the settlement of dads estate & if so being done through real actual probate filing at the courthouse OR is this a within more casual within the family division of assets??
4 Answers
Helpful Newest
First Oldest
First
https://www.agingcare.com/questions/Can-a-guardian-live-in-a-different-state-than-the-ward-189740.htm
Now QCDs most often are done & with no real issues when transferring property in a divorce settlement and the QCD is within the legal document of the divorce and a judge oversees the divorce. I've gotten property this way dealt with an ex & the decree in detail states value & debt service (like the ex has to pay off mortgage) & release of the deed of trust, etc. so its finite as to ownership.
The answers to GardenArtist & Freqflyers ? will make a big difference in why or why not a QCDs is the route to take.
I too have a ?: Is or will moms care in FL ever involve Medicaid?
Is the QCD being done as a part of the settlement of dads estate & if so being done through real actual probate filing at the courthouse OR is this a within more casual within the family division of assets??
ADVERTISEMENT