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Updated almost 11 years ago on . Most recent reply
- Educator, Investor, Entrepreneur
- Philadelphia , Pennsylvania
- 5
- Votes |
- 29
- Posts
Quit Claim Deed? How can my family transfer me a house without any of us leaving our home towns?
Hello everyone,
I am new to real estate and I am trying to find my first deal. Besides looking for a deal to wholesale I have an opportunity/problem right within my reach.
Back in Philadelphia where I am originally from (I live in Hawaii now) there is a property that is owned by my mother/aunt/uncle. It is in terrible condition and in danger of being condemned as a blight property soon. There is no mortgage or leans (unless the last $1300 of a $1800 water bill I am paying down count) and my family are happy to transfer the property to me. My aunt and uncle just want their names off and my mom would be thrilled to give me a property to do my first full deal with. So opportunity but problem as I am paying bills/taxes on a property I don't own and am not sure how to claim ownership of.
However, my aunt is in Maryland, My uncle is in Pennsylvania and My mother and I are in Hawaii.
Is there a way for the three of them to transfer the property to me without us taking an expensive trip to Philadelphia?
It was suggested to me that I have them Quit Claim it to me. But I was looking up Quit claim deeds and it does not look as easy or as solid as they made it sound. There is a statue of limitations in some states among other confusing factors.
Should I have them Quit Claim it to me?
Also they suggested that I have them Quit Claim it into a trust and make my self the trustee and just assign a family member as a beneficiary.
Would this be better or more complicated? Or is there an easier way? Or a forum/site to help? Any suggestions would be greatly appreciated.
As always thank you for taking the time to read my post. I know all too well that time is precious and greatly appreciate you taking the time out of your life to take interest in mine.
Sincerely,
Lee Nicole Salinis