I bough a house from my father three years ago. He signed a Quit claim deed but i didn't register at the time.
Answer:
Sticky question. Yes your deed is still good, and no you don't need a title company to record it. However, anything your father has done, liens, judgments, unpaid taxes.. can be an issue since the deed isn't recorded. You may want to have a title company check out your title just to make sure there are no surprises waiting for you. As for the lender, that might be a problem. Usually when a house is sold, the lender for the original owner wants paid immediately. Maybe they would give you an assumption agreement, where you agree to take over the loan, but they may just call the loan due. I don't know if the loan company will even talk to you about this, your dad may have to approach them (freedom of information thing). Right now, Quit-Claim deed or not, the loan company has prior lien and you may have a problem. Talk to a lawyer. Good Luck. (As for the Quit-Claim deed not being legit, yes its true it only conveyes what ever interest your father had in the property, however if he had all the interest in the land then the deed may be just fine. However, here in Illinois, if there is a wife, even though she does not hold title, who lived in the house, she would have to execute the deed as well to waive her homestead interest. Consult a lawyer)
I research this in my spare time. No, I have had clients file deeds and quitclaims all the time that are old. Last one was from 1928. Of course you still pay the filing fee, just take it to the clerk in your county.
As for the mortgage, most do not let you just assume. You will have to get your own mortgage and most banks will require you to get a real Warranty Deed.
I would personally suggest that you consult - at least a little -with a tax professional or real estate attorney. The reason I reference that is because it's not entirely clear how the transaction was made between you and your father, and there could be tax consequences that may catch up with you some day. The quit claim usually doesn't signal a 'sale'. But you said you bought the house, which seems to say you paid something for it. For the last three years, someone (you, your father or someone) has been making loan payments and paying property taxes and utilities. This is something ultimately your decision to make, as to whether it's worth some professional input and guidance, but I sort of suspect it would be worth your while to do so. Just an outside opinion.
If you didn't Record the Deed you don't own the property. And in this case its only a Quick Claim in other words your father deeded what ever interest he had in the property. He may not have had any ownership at all or had partners. I think you should go to the Title Company to help you get this all sorted out.
I will first start off by saying that I am not a attorney and you need to seek legal advice but as far as recording you can record anytime but I suggest you go ahead and do that. Also with the mortgage the state I work in you will need to obtain your own mortgage. Unless your dad is still alive then you can assume the mortgage. Talk to your mortgage broker. Good Luck!
Hi, my name is Richard I’m a messenger from Bank One Branch letting or customers and feature customers know about our lowering rates and monthlies. Our money saving program allows us to help our customers like you qualify to save more money on your current loan or find the lowest monthly for your new one.
This program gives you no wearies on spending money to learn how to save on your current mortgage or finding you a new loan. This program allows us to help you with any questions about your mortgage. Our program could also help you put money into investment property for those who like to invest. We strive to teach or customers as we guide you to the perfect loan.
We are affiliated with many financial institutions and we work along side with other 50 different lenders. This gives our customers a wide range of products to fit your beneficial and financial needs. Finding the lowest payments guaranteed and to keep your money in your pocket. We are a financial brokerage branch of Kohl Well Banker finding the best rates possible by evaluating our customers situation allows us to custom tailor any loan for their beneficial needs.
So let us help you today call (909)390-9171 or toll free 1-877-390-9171 ask for Ricky and I will help you out or email me banconeroman2@yahoo.com
It is still valid. To protect yourself from any other person that may lay claim to the property, I suggest you record the deed at the county clerk's office.
No, you do not need the services of a title company, you can do this on your own.
If the loan is assumable (most were prior to 1982), then you have no issues. However, if the loan is not assumable and you record the deed, the lender may evoke the "Due on sale" clause and make the entire loan due. I would just record the deed and if the lender calls the loan, just get a new one. You'll have 30 days, which is plenty of time. Oh, to answer your question, you have no legal rights when talking to the mortgage company, except that you're the legal owner. The mortgage company will still need to get your dad's permission to talk to you about the loan. If your dad has passed away, just pay the mortgage and see if they come after you after recording the deed.
Regards
Take it down to the deed office and record it. Delay is unwise. Get going!
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: