Follow
Share

My parents lived in Georgia and my dad recently passed away. Moved mom to a NH in Florida. I need to sell the house using my DPOA but am being told I need to get a Quit Claim Deed first. Why? How does this affect me personally?

This question has been closed for answers. Ask a New Question.
Helpful Answer (1)
Report

QCD's are often thought to be a simple way to get around transferring property but they can pose long term problems. QCDs transfer what a person "thinks" is their ownership in the property. There is no guarantee of ownership. It is only a warranty deed that guarantees ownership. Because of this, a WD is almost always required by a lender (like a bank or a mortgage co.) to get a mortgage done to buy a property or to later on get any equity based lending (like a heloc) on the property by the buyer. The banks are totally skittish on QCDs after the last housing meltdown.

Now QCDs most often are done & with no real issues when transferring property in a divorce settlement and the QCD is within the legal document of the divorce and a judge oversees the divorce. I've gotten property this way dealt with an ex & the decree in detail states value & debt service (like the ex has to pay off mortgage) & release of the deed of trust, etc. so its finite as to ownership.

The answers to GardenArtist & Freqflyers ? will make a big difference in why or why not a QCDs is the route to take.

I too have a ?: Is or will moms care in FL ever involve Medicaid?
Is the QCD being done as a part of the settlement of dads estate & if so being done through real actual probate filing at the courthouse OR is this a within more casual within the family division of assets??
Helpful Answer (1)
Report

Who gave you this "advice"? And to whom would the property be quit claimed?
Helpful Answer (1)
Report

Is the nursing home in Florida asking for you to turn over the house to them to help pay for the future care of your Mom?
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.