Quit Claim Deed

[NYR]

What is the name of your state? New York

Does a quit claim deed add party's to a title as well as transfer away ownership? My ex needs me to sign one to add his new roomate, then he will refinance and release me from responsiblity at that time I will sign away (quit-claim) ownship. I want to make sure this would just add him without me signing away my ownership.

 

[nextwife]

Have you first done a title search to be certain that you are not placing a party on title who will have liens or judgements attach to their interest?

Is the roommate approved for financing in writting?

FYI - A QC to add a party should be a QC to both yourself and the additional parties.

WHY can't you convey your interest in a sales transaction? One in which your interest goes to them at the mortgage closing iduring which the current loan is paid off? Just like a sale? You or he can sell a partial interest. I don't believe that first Quit Claiming is a good idea.

 

[GatorLaw]

I know little about quitclaim deeds.

Of course, if you add this person, then they would receive a portion of your ownership of the property. You would be giving away some of your interest, although not all, if you did add them through the quitclaim deed. If this refinancing plan fell through, they would still have part ownership.

 

[nextwife]

The quit-claim deed would transfer all your ownership to the new party. You would be signing away your ownership to this new roommate.

Not if done properly.

Mary Smith conveys to Mary Smith and John Jones.

But I don't understand a QC in advance of the mortgage.

 

[NYR]

I spoke with the lender. I am trying to remove myself from the mortgage with my ex. The ex tried to get financing and cannot because of his credit. His roomate has offered to buy the house but does not qualify for a normal mortgage, he does qualify (he is pre-qualified) to refinance the mortgage. The lender said the roomate must first be added to the title. This is apparently done by a quit-claim? Once he is added to the title he (the roomate) will refinance and close within 30 days and then I will sign another quit claim to remove myself from the title. It sounded funny to me at first, but this was explained to me by a established local lender.

 

[seniorjudge]

Q: Does a quit claim deed add party's to a title as well as transfer away ownership?

A: It does not add "party's" but it does (or can) add parties. It depends on how it is worded. The lawyer you hire will explain the technicalities.

 

[seniorjudge]

The quit-claim deed would transfer all your ownership to the new party. You would be signing away your ownership to this new roommate.

Please add this caveat to your posts: I know absolutely nothing about real property law.

Thank you.

 

[seniorjudge]

I spoke with the lender. I am trying to remove myself from the mortgage with my ex. The ex tried to get financing and cannot because of his credit. His roomate has offered to buy the house but does not qualify for a normal mortgage, he does qualify (he is pre-qualified) to refinance the mortgage. The lender said the roomate must first be added to the title. This is apparently done by a quit-claim? Once he is added to the title he (the roomate) will refinance and close within 30 days and then I will sign another quit claim to remove myself from the title. It sounded funny to me at first, but this was explained to me by a established local lender.

Sounds fishy to me. Make sure everything is in writing and that you clearly understand it. If your lawyer cannot explain it to you, then fire the lawyer, hire one who can speak English, and don't sign anything until you understand it.

I'm with nexie: Treat this like a sale...when you get the dough, then you will sign over your interest and not before.

For example: What if roomie dies the day after you sign the quit claim deed. You will have one big mess on your hands, that's what.

Best think this one over before you start signing things.

 

[NYR]

Back to Grammar School for me

You are correct - party. I am adding a third party.

As for the lawyer I was not intending on hiring one. The one drawing up the papers is my ex's lawyer. Since I am releasing all rights to equity once refinanced I told the ex he would have to pay for the lawyer. I assume I could probably read over the wording myself and determine who will be left on the title (I assume it would be pretty obvious)?

I am not releasing any ownership until after the close and I no long have a mortgage on the house.

 

[seniorjudge]

I Googled sure-fire recipe for absolute disaster and here is the first thing that popped up:

"As for the lawyer I was not intending on hiring one. The one drawing up the papers is my ex's lawyer. Since I am releasing all rights to equity once refinanced I told the ex he would have to pay for the lawyer. I assume I could probably read over the wording myself and determine who will be left on the title (I assume it would be pretty obvious)? I am not releasing any ownership until after the close and I no long have a mortgage on the house."

 

[nextwife]

I spoke with the lender. I am trying to remove myself from the mortgage with my ex. The ex tried to get financing and cannot because of his credit. His roomate has offered to buy the house but does not qualify for a normal mortgage, he does qualify (he is pre-qualified) to refinance the mortgage. The lender said the roomate must first be added to the title. This is apparently done by a quit-claim? Once he is added to the title he (the roomate) will refinance and close within 30 days and then I will sign another quit claim to remove myself from the title. It sounded funny to me at first, but this was explained to me by a established local lender.

The lender is wrong. The roommate can obtain a purchase money mortgage, people get them all the time to BUY an interest in real estate. They even BUY partial interests. Both roommate and ex will need to sign the mortgage. It will be a purchase money mortgage, as to the roommates interest and a refinance as to boyfriend's. I've closed such loans.

Dang, I am SOOOOO tired of loan officers advising people to do irresponsible QC's so they can do a loan. Just because the LO doesn't understand how these are done PROPERLY doesn't mean they aren't done.

 

[NYR]

I'll ask about the purchase money mortgage, thank you for the suggestion!

 

[nextwife]

Good luck. Don't give a deed until the loan is being done. You can actually attend the closing and sign the deed at the closing table in exchange for the proper consideration and payoff of the current loan.