The Ask the Real Estate Lawyer column by Samuel Tamkin answers your questions about real estate and the law. These helpful articles by Ilyce Glink and real estate attorney Samuel Tamkin cover all sorts of topics, everything from buying a vacation home to selling investment property.
If an elderly relative owns a home and quit claims it to you before going into a nursing home the home may be at risk for the Medicaid lookback rule. The Medicaid lookback rule may allow the government to try to recover medical costs by selling an asset such as a home. How does Medicaid treat quit claim deeds? Discover what documentation to gather to protect the home.
A property owner wants to take advantage of an employer's relocation program, but their 5.1 acre property exceeds the restriction of 5 acre lots. If the property owners can't get the employer to waive the restriction, they will need to contact a real estate attorney to determine what they will have to do to divide the lot. They will most likely have to get a survey of the land and make sure they are not breaking any community ordinances about lot restrictions.
A woman writes saying she was the personal representative for her son's father's estate. She does not live in the area of the estate and the judge removed her as personal representative. She feels the judge was not impartial in changing the personal representative for this estate settlement. She wants to know her legal rights concerning who is the personal representative for this estate settlement.
When you sign over your property to someone else using a quit claim deed, you're only transferring ownership - you're still responsible for the mortgage. Even if the person who you're naming on the quit claim deed promises to make payments on your mortgage, there's a risk he or she won't. And since your name is still on the mortgage, you're still ultimately responsible for making payments. Read more about how quit claiming your home to a stranger who promises to make mortgage payments may be a scam.
If you go through financial hardship such as bankruptcy you may decide to remove yourself from a property title. After your financial hardship (including bankruptcy) has passed, you may want to add your name back to the property title. Learn how you can add your name back to the title using another quit claim deed.
When you owe money to creditors they may put a lien on your home. When you sell your home you have to pay off the liens with the proceeds from the sale. Transferring ownership of your home using a quit claim deed will not remove the liens. Using a quit claim deed in this situation may be a fraudulent conveyance.
What does it means to sign a quit claim deed? If you're ever asked to sign a quit claim deed read it carefully. Quit claim deeds can be used to add or remove someone's name from a title. What effect does signing a quit claim deed have on a person's rights to the home? And what happens to the property during a divorce?