Help! ~ Quitclaim question

[ksgomez]

What is the name of your state? California.


I have a family member who wanted to purchase a home but couldn't qualify. I could qualify so the home went into my name. She has been making regular payments but now wants to sell it. I did a quitclaim to her.

questions:

What does a quitclaim do?

Will my loan get paid off through escrow?

Can I add to the escrow instructions that I get paid? She is going to pay me an amount that I may be charged on the gains of about $40K. I've already purchased and sold other homes, so no tax credit/??? (not sure what this is called when you get a one time chance to get profit and not pay taxes.)

What concerns should I have?

Thanks so much, please help!

 

[ksgomez]

anyone

Any input would help!


Primary concern is:

I just want to make sure that the home loan will be paid off.

thanks

 

[HomeGuru]

What is the name of your state? California.


I have a family member who wanted to purchase a home but couldn't qualify. I could qualify so the home went into my name. She has been making regular payments but now wants to sell it. I did a quitclaim to her.

questions:

What does a quitclaim do?

Will my loan get paid off through escrow?

Can I add to the escrow instructions that I get paid? She is going to pay me an amount that I may be charged on the gains of about $40K. I've already purchased and sold other homes, so no tax credit/??? (not sure what this is called when you get a one time chance to get profit and not pay taxes.)

What concerns should I have?

Thanks so much, please help!

**A: since you were ignorant and quit claimed your interest in the property, you have no say.

 

[ksgomez]

Fine, I have no say in the property, but will the loan be paid off?

 

[HomeGuru]

Fine, I have no say in the property, but will the loan be paid off?

**A: not if she sells it owner financing.

 

[ksgomez]

Thanks so much for your information, even though you called me ignorant.

She is going through a home mortgage lender, so I should be fine. There is no ill will betweem us. She gave me the information regarding lender and escrow company and has agreed to have a check dispursed to me for any tax liability I may have on the gains.

I've learned alot about real estate law this week, as I am on a Federal Jury regarding Real Estate Fraud, very interesting. Getting a very good understading on each page of the 2 inches of paperwork that needs to be signed.
I've always just signed and went to the next page..........don't think I will be doing that in the future. Especially out here in Northern Cal.

If anyone else has any other input or advice I would gladly accept it.

Be blessed and have a wonderful day!

 

[HomeGuru]

Thanks so much for your information, even though you called me ignorant.

**A: I apologize if I used the wrong word. Can you offer any others?
********
She is going through a home mortgage lender, so I should be fine. There is no ill will betweem us. She gave me the information regarding lender and escrow company and has agreed to have a check dispursed to me for any tax liability I may have on the gains.

I've learned alot about real estate law this week, as I am on a Federal Jury regarding Real Estate Fraud, very interesting. Getting a very good understading on each page of the 2 inches of paperwork that needs to be signed.
I've always just signed and went to the next page..........don't think I will be doing that in the future. Especially out here in Northern Cal.

**A: wow, that's real cool.

If anyone else has any other input or advice I would gladly accept it.

Be blessed and have a wonderful day!

**A: ditto..............