Quit claim deed protect in case of death and divorce in Fla? HELP!!?

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My father bought a house in his name for me 10 years ago. I make all the payments, but the mortgage loan is in his name. A few years ago, he got married to a woman half my age. My dad is older, and in ok health, but the new wife ran off with a younger guy. I am a single mom, with not very much income, so this is the only housing I can afford, and have paid all mortgage payments on the house. I need to protect myself and little boy in case divorce or death ever happens. Can I quit claim deed my dad off the house and add my name on the house and still be protected in case of death or divorce? Help!!! My dad is more than happy to this for me.

3 Comments
  1. Reply
    wizjp
    May 17, 2011 at 9:28 am

    Ok.

    First of all, a quit claim deed is the least effective form of real estate deed. It should only be used when there is a non-specific ownership interest being transferred.

    If he bought it for you he can do a deed of gift and add you to the title as joint tenants with right of survivorship; if he dies, the property passes to you outside of probate.

    If you take him off the title, you may have a problem with the mortgage company if there is still a balance on it; and it sounds like there is. They may not like you taking the guy who signs the note off title and might want it paid in full on demand at that point.

    Just spend a couple of hundred dollars, see a real estate lawyer, and have this done right.

  2. Reply
    Lexie
    May 17, 2011 at 9:55 am

    If your dad is still married to her, SHE would have to sign a quitclaim deed to transfer any interest she might otherwise have in the property. Then your dad could transfer his interest to you. Until they are legally divorced, she has, in theory, a potential claim to part of that property, and you would have a tough time selling it without such a deed.

    *Edit– wizjp is right, I missed the fact that there still might be a mortgage on the property. That would have to be considered in any transfer of the property from your dad to you. *

  3. Reply
    Pascha
    May 17, 2011 at 10:33 am

    Is your dad the only owner listed on the deed for the property? Or is his wife on it, too?

    If your dad is the only one on it and on the mortgage loan, contact the mortgage company together with your dad. Ask them if they would have any problem with the transfer of title and loan to your name.

    A regular deed and not a quit claim deed would be used.

    If the wife is on the deed to the house, then it is more complicated.

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