More information will be required.Texas
Just for informational purposes there is no such thing in Texas as a "quick deed". Whomever you heard use that term did so out of ignorance.I have heard both being used. However, let's use Quick Claim.
I am telling you the agreement that we would like to make concerning a loan. Upon paying the loan back, the property would be deeded back to me.
I am not a legal person which would be the reason I am asking for advice.
You should seek actual legal advice from a local attorney.I have heard both being used. However, let's use Quick Claim.
I am telling you the agreement that we would like to make concerning a loan. Upon paying the loan back, the property would be deeded back to me.
I am not a legal person which would be the reason I am asking for advice.
Awesome. Thank you so much.I understand. First, it is called a quitclaim deed.
Deeds transfer property. I've never seen one that brought it back. A better move would be a contract for the loan that allowed the creation of a lien on the property that would allow them to take possession of the property should you not repay the loan. You will want a lawyer to write that up and advise in the situation in general.
None of this makes a lick of sense. If you execute a quitclaim deed, you are giving away your interest in the property. You're going to need to explain what you're trying to do a LOT better or simply seek out a local attorney for assistance.I want to do a Quick Deed for six (6) months to sell a house that I have. I want to put my current property up as collateral in the form of a quick claim in my aunt's name. Is this possible? Also, what will I need to do?
Are you saying that your aunt is going to loan you money that you intend to repay in six months? And that you want to transfer title to your home to her with her transferring title back after you repay the loan? Why wouldn't you simply give her a deed of trust? Transferring title like that would be a horrible idea and could carry some rather nasty tax consequences. You really need to consult with a local attorney.I am telling you the agreement that we would like to make concerning a loan. Upon paying the loan back, the property would be deeded back to me.
Quick Claim is definitely wrong.I have heard both being used. However, let's use Quick Claim.
Quit Claim Deeding the house to someone when you want it to be collateral for a loan is not the proper method to do it. The proper method would be for you to continue to own the home but give the creditor a lien against it. In order to do that properly you need an attorney involved.I am telling you the agreement that we would like to make concerning a loan. Upon paying the loan back, the property would be deeded back to me.
I am not a legal person which would be the reason I am asking for advice.
This was all cleared up (and acknowledged by the OP) over 2 hours before you posted. It would help to read the thread in its entirety before responding.There's no such thing as a "Quick Claim" (unless you're an insurance claim handler and deal with a particular claim in a short amount of time) or a "Quick Deed." I assume you're talking about a quitclaim deed.
That said, I have no idea what it might mean to "do a [quitclaim deed] for Collateral." Normally, if you are pledging real property as collateral (e.g., for a loan), you execute a deed of trust or mortgage (I believe Texas is a deed of trust state). The mechanics of how that gets done depends greatly on the details of the transaction, but it should not be done without competent legal representation.
None of this makes a lick of sense. If you execute a quitclaim deed, you are giving away your interest in the property. You're going to need to explain what you're trying to do a LOT better or simply seek out a local attorney for assistance.
Are you saying that your aunt is going to loan you money that you intend to repay in six months? And that you want to transfer title to your home to her with her transferring title back after you repay the loan? Why wouldn't you simply give her a deed of trust? Transferring title like that would be a horrible idea and could carry some rather nasty tax consequences. You really need to consult with a local attorney.
Ditto what I told zddoodahQuick Claim is definitely wrong.
Quit Claim Deeding the house to someone when you want it to be collateral for a loan is not the proper method to do it. The proper method would be for you to continue to own the home but give the creditor a lien against it. In order to do that properly you need an attorney involved.
While I agree that deeding the home to the creditor is a poor way to use the home as a collateral for a loan it would not necessarily cause any tax troubles, especially if there is documentation to support that it is a loan. There are loan transactions that have been done this way that the IRS treated as just that — a loan.Are you saying that your aunt is going to loan you money that you intend to repay in six months? And that you want to transfer title to your home to her with her transferring title back after you repay the loan? Why wouldn't you simply give her a deed of trust? Transferring title like that would be a horrible idea and could carry some rather nasty tax consequences. You really need to consult with a local attorney.