Quit Claim Deeds - What are they?
Both of my parents are retired, some years ago they decided to help my sister with her credit card debts. They refinanced their home and included her in the loan. My sister now is married and refuses to repay the loan, my parents are worried that if they pass away my sister will take over the property of which they would like for me to have. Would a signed quit claim by my sister solve this problem? If so where do we get one started?
Two quetions you need to know the answer to; Is the loan still outstanding or did your parents finnish repaying it? When they did the refinance, did they quit claim an interest to your sister in the property? If the loan has been paid and they did not quit claim an interest to her, you and your parents have no concerns other than normal sibling rivalry. If the did grant her an interest, you will have to get her to quit claim her interest back to your parents or yourself. There are some tax/probate/legal type issues you should probably have an attorney look at if she has an interest.
Try talking to a title company or escrow company.
I was given a document to sign by the morgage broker(Conseco). The explaination given was as follows.."Since Washington is a common property state and I was still home back east, this was needed. My husband was transfered to Vancouver, WA. and was trying to find us a house. The same explaination was given to him. When I got out to WA., the papers could be redone as easy as that. I have since read these papers in full and they are dubious at best. No single page was filled out at the same time!