Legal Question in Real Estate Law in Florida
Quitclaim Deed
My Mother has just put mine and my brother's name on a quitclaim deed for her condo in Pembroke Pines Florida. She tells me the wording is such that we are ''joint tenants'' and we have ''rights of survivorship''. She says she has done this so that when she dies we will inherit the property. My questions are: 1)Does this mean we are responsible for her mortgage if she defaults? 2) Are we responsible for taxes on the property if she defaults? 3)Isn't a will better served for this purpose? 4)Does this effect my credit? 5)If I don't want my name on the deed what can I do?
2 Answers from Attorneys
Re: Quitclaim Deed
You will only have to pay the mortgage if you want to keep the property. Since you did not sign a note or mortgage it should not effect your credit.
If your mother defaults on her mortgage, you will be served with a Notice of Foreclosure.
While your mother is trying to avoid probate of her property there are better ways to do what she wants, such as creating a trust. She really should talk to an estate planning attorney in FL (I assume she resides there and not in MA). What she should do will depend upon the size and nature of her estate.
Please feel free to contact me if you have additional questions.
Re: Quitclaim Deed
1. No. But if you want to keep the property you will have to pay.
2. yes if you want to keep the property.
3. Not necessarily. Without knowing what your mother wants to do, this question cannot be properly answered. I doubt that the expenses related to a trust are justified.
4. Not at this time.
5. Quitclaim your interest. This may have unwanted consequences.
If you are really so concerned, retain counnsel.
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