Quick claim deed , what do you guys know about it ? Did a little search and found this .... This would be for the state of SD .
"A quitclaim deed is a legal document used to transfer property ownership, but it doesn't guarantee the title or ownership rights of the property. It essentially releases any claim the grantor (the person transferring the property) has on the property, but it doesn't guarantee that the grantor actually owns it. "
The part that worries me is the " but it doesnt guarantee the title or ownership rights of the property"
This would be for a home thats been in the family since new.
Thanks
Ask for the title or security deed on the property to see who actually owns it - go to your local county/city tax assessors office and find this out - don't rely upon anyone else other than an attorney - and take no-one's word for anything - get it in writing.
The quit claim is just a release saying that the person signing it waives all future claims of ownership/interest in it.
Basically if you're talking about an ex-wife, she no longer has any claim to ownership, but it doesn't guarantee that you own it, just because she relinquished her claim. That falls back to the original deed.
Steve and Ugly are correct. By executing the quit claim deed your ex is “quoting” or releasing any interest (whatever that might be) in the subject property. In a community property state- and I don’t know if SD is or not - a spouse may acquire in interest in the property even if not on the title by virtue of community assets being used to pay down the principal on a note. Or mortgage. I would find a local title company to run a title report which will disclose any interest and or ownership in the subject property (including easements deed restrictions mineral rights etc.) $500 well spent. If you retain an attorney they will ask for one anyway.
Im not sure if this changes anything but the reason I ask is my uncle had a stroke a couple months back and is now in a nursing home. He was living in my grandparents since they passed many years ago. So before anyone could go after it the nursing home etc etc , was wondering if I guy could get to it before they do.
Lots of moving parts here. First of all, sorry to hear about your uncle. If your uncle has no interest in the property, they can’t touch it. They can’t take what he doesn’t have. If he does have an interest, a recent transfer from your uncle to another entity may or may not protect you. There are often “look back” periods where they can unwind a recent transfer. This is a complicated area of law. I attended a seminar years ago on this topic and the takeaway was that because the rules are ever changing and complicated, it is difficult for attorneys to advise their client the correct course of action. Considering what is at stake, ie, either keeping or losing the family home, I would pay for a consultation with an estate planning attorney. And this may be the time to “clean up” any title ambiguities. If you ever wanted to sell the house you would have to anyway. Otherwise it’s like trying to sell a car without a pink slip “bill of sale only”. No lender will touch it without a title insurance to protect their interest, and no title company will insure it without a clear understanding of who has what. If someone comes out of the woodwork years later and successfully claims title, the title insurance company eats it, and makes the bank whole.
Here, that 'look back period' is seven years'. Had a coworker dealing with a nursing home trying to get the family farm even though the property had 'sold' to the younger son more than seven years prior. He did eventually win, but the nursing home tried pretty hard to get the property.
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Quick claim deed , what do you guys know about it ? Did a little search and found this .... This would be for the state of SD .
"A quitclaim deed is a legal document used to transfer property ownership, but it doesn't guarantee the title or ownership rights of the property. It essentially releases any claim the grantor (the person transferring the property) has on the property, but it doesn't guarantee that the grantor actually owns it. "
The part that worries me is the " but it doesnt guarantee the title or ownership rights of the property"
This would be for a home thats been in the family since new.
Thanks
Ask for the title or security deed on the property to see who actually owns it - go to your local county/city tax assessors office and find this out - don't rely upon anyone else other than an attorney - and take no-one's word for anything - get it in writing.
The quit claim is just a release saying that the person signing it waives all future claims of ownership/interest in it.
Basically if you're talking about an ex-wife, she no longer has any claim to ownership, but it doesn't guarantee that you own it, just because she relinquished her claim. That falls back to the original deed.
Steve and Ugly are correct. By executing the quit claim deed your ex is “quoting” or releasing any interest (whatever that might be) in the subject property. In a community property state- and I don’t know if SD is or not - a spouse may acquire in interest in the property even if not on the title by virtue of community assets being used to pay down the principal on a note. Or mortgage. I would find a local title company to run a title report which will disclose any interest and or ownership in the subject property (including easements deed restrictions mineral rights etc.) $500 well spent. If you retain an attorney they will ask for one anyway.
Im not sure if this changes anything but the reason I ask is my uncle had a stroke a couple months back and is now in a nursing home. He was living in my grandparents since they passed many years ago. So before anyone could go after it the nursing home etc etc , was wondering if I guy could get to it before they do.
Lots of moving parts here. First of all, sorry to hear about your uncle. If your uncle has no interest in the property, they can’t touch it. They can’t take what he doesn’t have. If he does have an interest, a recent transfer from your uncle to another entity may or may not protect you. There are often “look back” periods where they can unwind a recent transfer. This is a complicated area of law. I attended a seminar years ago on this topic and the takeaway was that because the rules are ever changing and complicated, it is difficult for attorneys to advise their client the correct course of action. Considering what is at stake, ie, either keeping or losing the family home, I would pay for a consultation with an estate planning attorney. And this may be the time to “clean up” any title ambiguities. If you ever wanted to sell the house you would have to anyway. Otherwise it’s like trying to sell a car without a pink slip “bill of sale only”. No lender will touch it without a title insurance to protect their interest, and no title company will insure it without a clear understanding of who has what. If someone comes out of the woodwork years later and successfully claims title, the title insurance company eats it, and makes the bank whole.
Here, that 'look back period' is seven years'. Had a coworker dealing with a nursing home trying to get the family farm even though the property had 'sold' to the younger son more than seven years prior. He did eventually win, but the nursing home tried pretty hard to get the property.
You really need to lawyer up.