Legal Question in Real Estate Law in Virginia

Quitclaim deed

Due to health considerations, my wife and myself are interested in turning our home and property over to our kids. We have a couple of small equity loans on the property. Can we file a quitclaim deed and maintain the equity loans in our name? We want to pay them off ourselves and maintain lifetime living rights on the property. Is this thde quickest and easiest way to accomplish our goals?


Asked on 2/23/05, 9:23 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Quitclaim deed

Quitclaim deeds would not appear to be the instruments of choice in the situation you've described. To accomplish your objective of passing the respective joint interests of both you and your spouse in the property to your children and simultaneously creating and preserving life estates as well for the two of you in the aforesaid property, you should arrange to consult with an attorney in the jurisdiction where the property is located who is knowledgeable in the areas of wills, trusts, estates, as well as probate and the law of real property.

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Answered on 3/07/05, 5:07 pm


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