Can two people use one Quit Claim Deed to Transfer their rights to 4 other owners of the property?
I own a home with 5 sisters . The home is paid for and occupied by the four youngest sisters. The two oldest sisters (of which I am the oldest) want the youngest sisters to retain full interest in the property as they have been living in the property for years and paying all taxes etc. All sisters range in age from 55 to 66 yrs of age and are retired and on disability. We are all in agreement to file the transfer deed. The house is sixty years old and in need of major repairs. It will cost thousands of dollars (perhaps tens of thousands) to accomplish this....therefore my younger sisters could get a loan and the older sisters would not be pressured to sign for a loan they cannot afford to pay. Our mother left the house to us and we all feel that she would agree with this solution.
It is possible. It would be a very good idea to talk to a real estate or probate attorney to make sure everything is done correctly. I would say most do-it-yourself deeds I encounter have some kind of error. Some are easy to fix, some are more difficult, some are impossible.
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If all 6 sisters are currently on title (meaning they all probably own equal shares (1/6th) of the home) one (1) Quitclaim Deed will suffice to transfer ownership from all 6 to only the 4 younger sisters. All 6 sisters would be the grantors, the 4 younger sisters would be the grantees. There is not much to it - this is done routinely. The deed would be recorded at the Recorder of Deeds office. You will have to pay an attorney to prepare the Deed and some recording fees. Should not run you more than $500 altogether.
The simple and superficial answer is 'yes', one deed will do it. And, yes, signing on a loan under pressure or otherwise seems imprudent. Much more complicated is whether it is the best thing to do. There are property tax issues, eventual capital gains tax issues, issues of how the transfer will effect the recipients who are receiving aid, etc., etc. You should take the time and and spend the money to seek the advice of an elder law or estate planning lawyer in the county where the property is located.
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Disclaimer: California attorney Robert Miller has practiced for over 46 years and restricts his practice to real estate and probate matters in the Central District of Los Angeles. Any opinion expressed is for general informational purposes only, no attorney-client relationship is intended or created by this answer, and no action or inaction should be contemplated without first employing and consulting with a competent attorney convenient to the questioner.
What sort of solicitation is this - if the asker likes your out of state answer, vote for you as it is good Karma? Please don't do that here. It is not amusing.
Wow. Really? Good for your Karma? From Dr. Google: (in Hinduism and Buddhism) the sum of a person's actions in this and previous states of existence, viewed as deciding their fate in future existences.
Thomas O. Moens
Real Estate Attorney in Moline, ILFrom the facts you present, the odds of a DIY deed being done incorrectly in this case are very high.