When you separate or divorce you may decide to refinance your primary residence. If you refinance and execute a quit claim deed at the same time, it means that regardless of whose names are on the mortgage loan note, the only owner of the property is the one who did not sign the quit claim deed. When a court looks at the assets involved in a divorce, the quit claim deed will affect the future of the home.
What happens if you quit claimed the deed for your home to an ex, but did not refinance the loan? Even though you quit claimed the home to your ex, your name is still on the mortgage. If they are late on payments your credit rating will be ruined. Ilyce explains how your credit rating will remain bad until the mortgage is put in the name of your ex.
When you find a real estate agent you like you may decide to work with him or her several times. When a real estate agent works with you repeatedly he or she gets to know your real estate likes and dislikes. But watch out for unethical behavior from real estate agents who want repeat customers.
A quitclaim deed transfers any interest you may have in a property to someone else. However, using a quit claim deed does not relieve that person from the responsibility of the mortgage. A quit claim deed will relinquish any leverage that owner has to ensure that mortgage payments are made on time.
Real Estate Minute with Ilyce Glink Getting Him Off of the Mortgage Original Air Date: August 1, 2006
Real Estate Minute with Ilyce Glink Virtual Earth and counting Original Air Date: July 31, 2006
A new survey revealed a lot line closer to the neighbor's home, giving the homeowner an extra 10 feet. The neighbors claim that the survey is incorrect, and they own the 10 feet. The homeowner should stake the boundaries of their lot, and investigate the tax parcel to determine if it matches the survey. It might come down to who has been paying the taxes for the extra 10 feet.
Changes in marketing real estate have changed the agent/client relationship. The Internet has made real estate a much more transparent business. You can see what other agents are offering, can view listings that are for sale, learn all about a prospective neighborhood, and look up your own crime statistics. Agents and brokers who believe they "deserve" clients for life don't understand that in today's economy, you have to earn your business every single time you deal with someone.
