Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.
My name is XXXXX XXXXX I'm going to assist you with your question.
Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.
Yes, a quitclaim
deed would be what you would use to place your name on the title to the property.
However, there is a glitsche.
There is such a things as an "acceleration" clause in the mortgage and note that your brother signed.
Acceleration clauses are terms in loan agreements that require the borrower to pay off the loan immediately if certain conditions are met or happen. For example, most, if not all, home mortgages have an acceleration clause that is triggered if the borrower misses too many payments. Acceleration clauses most often appear in mortgages, both residential and commercial. They also appear in some leases.
Some mortgages have clauses that allow acceleration if the borrower sells or transfers an interest in the mortgaged property. [LIKE IN YOUR SITUATION] These clauses are intended to protect the lender’s security interest in the mortgaged property. Accordingly, these acceleration clauses allow acceleration if the sale or transfer would impair the lender’s security interest, or if the borrower fails to get the lender’s consent in advance. These types of clauses may not be triggered if property ownership transfers because the borrower died and the property passed to his heirs.
So, if you transfer ownership to you - you risk the lender accelerating the mortgage to the balance being due immediately.
Now it's unlikely they would find out becuase they don't have someone searching the courthouse records as to all the properties they made loans for. However, if something was to happen down the road like a couple of missed payments - then they do search the records and if they would find that he transferred an interest to you - then you're at risk that they invoke the acceleration clause and demand that the loan balance be paid off immediately.
But a quitclaim deed can be purchased from USLegalForms.com for the state of NY - for about $25. They can even prepare the quitclaim deed for you for about $200.
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!