It is my intention to do a quit claims deed on my condo in Chandler, Az, and to occupy it until I die. The property would go to a friend.

Asked by pmdamewood, Chandler Crossing Estates, Chandler, AZ Thu Nov 29, 2012

We both use the same bank (Chase) and have EXCELLENT credit ratings. She plans to move her two sons and a daughter into the condo because they are approching college age and the condo is close to where she lives and her two business.. She is also the reprsenative of my will. I'm 78 and when I kick the bucket I want her to take my condo and all furniture..

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13
John Juarez, Agent, Fremont, CA
Sat Dec 1, 2012
If you are planning to leave an asset to someone after you die you need to have a will or trust to provide legal guidance for the disposal of your assets. You can also hold title to that asset in a specific way that will pass ownership when you die. If not, the law will dispose of your assets according to the way the laws are written which may not be according to your wishes.

See an attorney who is an expert in estate planning and spend the money to get this done right. You can’t fix it after you are gone so get it done right now.
1 vote
Elena Talis, Broker, Palo Alto, CA
Thu Nov 29, 2012
Don't understand what credit rating has to do with it but anyway...

I would not do a quit claim deed. This way you will loose all control over the property and no one knows for how long you will need it or if you will need any of the equity in the unit. Talk to an estate planning attorney and set up a trust.
Web Reference:  http://talisrealestate.com
1 vote
Juliana Lee…, Agent, Palo Alto, CA
Thu Nov 29, 2012
Many elderly people who have given ownership of their property to their children regret doing that. I would strongly recommend that you talk to an attorney and set up a transfer of ownership to happen after you die.

Keep in mind that nearly half of all people over the age of 85 have dementia. You need to plan for your own care. You don't want to end up as a homeless person living on the street.
http://www.clevelandclinic.org/health/health-info/docs/2300/…

Juliana Lee, MBA LLB
Cell: 650-857-1000
Top 3 agent nationwide at Keller Williams Realty

Over 20 years experience
Over 1000 homes sold in Santa Clara and San Mateo counties
-
Web Reference:  http://julianalee.com
1 vote
Lance King, Agent, San Francisco, CA
Thu Nov 29, 2012
As pointed out below, all a quitclaim deed does is relinquish your interest in the property. The fact that you have great credit or use the same bank has no bearing on this. Since I don't know Arizona law and am not an attorney I can't give you a legal opinion, it seems to me the way to do this is have an attorney write up an agreement that gives your friend title to the property upon your death.
1 vote
Frank Cancil…, Agent, San Jose, CA
Thu Nov 29, 2012
You are asking a legal question about the effect of an action under Arizona law of non-laywers in California.

Please, talk with an attorney.
1 vote
The Medford…, Agent, Fremont, CA
Thu Nov 29, 2012
I agree with those below – a bit of money invested with an attorney will let you know whether or not your wishes can be properly carried out. Just because the two of you have the same bank does not mean any mortgage can be transferred or assumed. There are MANY legal implications here that only an attorney can answer after seeing all of the facts.
1 vote
Terri Vellios, Agent, Campbell, CA
Thu Nov 29, 2012
Please take the advice and Charles. A Quit Claim will not guarantee you get to stay in the condo until you "kick the bucket". There are also factors that we would not be aware of, such as mortgage, Wills, heirs, etc.

Please, Please, talk with an attorney.
Web Reference:  http://www.terrivellios.com
1 vote
Mitchell Pea…, Agent, San Jose, CA
Thu Nov 29, 2012
pmdamewood:

You are asking a legal question about the effect of an action under Arizona law of non-laywers in California.

Under California law, signing a quit claim deed means you are giving up ALL rights to ownership of the home. Whomever you sign the deed over to could start evicting you the next day. Maybe a quit claim deed means something else in Arizona? Only someone versed in Arizona law can tell you. I suggest, assuming you are writing your query from San Jose and are currently in San Jose CA, you call attorney Louis Castro, who is licensed in both Arizona and California. He can at least refer you to a real estate attorney in Arizona if he prefers or answer the questions and guide you himself. His number is 408-292-8000.

There are so many ways you could accomplish what you want to accomplish without throwing away your ownership right to your home by signing a quit claim deed. You could gift or sell a portion of your home to your friend where you also give her right of survival so the rest of the home ownership interest would revert to her upon your death. You could maintain a life estate in your home while she also has ownership rights but this would be done within the context of a sale of ownership interest. This sort of sale really should be done in consultation with an attorney. Maybe you want her to take your condo and all furniture but you want to give money to someone else from your equity in the home? Maybe you want to be sure your medical, food, clothing, and other living expenses are fully met until you die in exchange for her receiving the home upon your death?

Maybe you could just marry her and forget about a sales contract or quit claim deed? Arizona is a community property state.

A sale does not have to involve transfer of money. Maybe you can transfer some interest in your property for some other consideration. In California, love, affection, services, care, assistance, are each sufficient consideration for an exchange of property.

I'm giving you these questions and maybes just to help you concentrate on the questions you should be asking an attorney versed in Arizona real estate law.

Good luck,

Mitchell Pearce
mitchell@handosneraltor.com
408-639-0211
1 vote
Suzanne MacD…, Agent, Succasunna, NJ
Thu Nov 29, 2012
This is really a question for an attorney. There may be tax implications and so on. And so many questions, is there a mortgage on the property? How will you protect your rights until your passing? You really, really need to talk to an estate planning attorney before you do anything.

Good Luck!
1 vote
Lee Jones, , San Jose, CA
Fri Sep 27, 2013
You best talk to an attorney to make sure you do the paperwork right. This is more a legal question than a real estate scenerio question.

You can do what you are suggesting .. just make sure you do it right.
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Sun Dec 2, 2012
It is crucial in your case to have a real estate attorney you can trust to advice you and do the right paperwork.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomesepcialist.com
0 votes
Mack McCoy, Agent, Seattle, WA
Sat Dec 1, 2012
What is your question, pmdamewood?
0 votes
charles butt…, Agent, san jose, CA
Thu Nov 29, 2012
Thank you for your question:

Your question is actually a legal question, and recording a quit claim deed has some very important and very serious legal consequences to both you and your friend.

It is not appropriate for anyone who is not an Attorney who is licensed to practice law to answer your question.

I very strongly recommend that you consult an Attorney in Arizona who has a great deal of experience with both Estate Planning and Real Estate Law.

Your proposal to record a quit claim deed has very serious legal consequences to both you and your friend, that could be very harmful to both you and your friend.

Recording a quit claim deed, not only will NOT accomplish what it is that you want to accomplish, it is almost certainly NOT not your best legal option. At the very least your friend will need a Grant deed from you to your property, if you want her to have the property. A mere quit claim deed will not accomplish that.

If you want to live in the property for the rest of your life, and make certain that you have the legal right to do so, at the very least, you need something that is called a life estate in the property, if you do give a grant deed to someone else or even record a quit claim deed.

If you merely record a quit claim deed, not only could you lose the right to live in the property, your friend and her daughters could also lose that right, and both you and your friend could end up with no property at all, and no legal right to live in the property.

I say that, not to give you a recommendation of what to do, but to give you an idea why it is very important that you consult an Attorney with respect to your question and what it is that you want to accomplish.

Essentially I recommend that you do not record a quit claim deed, without consulting an Attorney first. Personally I would be amazed if an Attorney would recommend that you record a quit claim deed, knowing what it is that you want to accomplish..

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
.
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