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Q: quickclaim deed ( No Answer,   10 Comments )
Question  
Subject: quickclaim deed
Category: Business and Money > Finance
Asked by: katie1107-ga
List Price: $10.00
Posted: 12 May 2006 21:42 PDT
Expires: 11 Jun 2006 21:42 PDT
Question ID: 728311
I am moving out of a residence that I shared with my fiancee. I had
brought a certain large amount of money into the relationship.  Both
of our names are on the house and I am trying to get mine removed, so
I can purcahse another home.  He will not agree to give me my share of
money until my name is off the house.  Is a quickclaim deed the way to
go first and then have him re-fianance throught the mortgage company?
I have left with no money, it was because of a substance abuse problem
with him and I need help to know what to do.  I am also concerned that
if he injures or kills someone while drinking and driving that I will
be liable in a lawsuit if my name is still on the house.  I no longer
live there.
Answer  
There is no answer at this time.

Comments  
Subject: Re: quickclaim deed
From: nelson-ga on 13 May 2006 09:38 PDT
 
QUITclaim, not quickclaim
Subject: Re: quickclaim deed
From: markvmd-ga on 13 May 2006 15:45 PDT
 
It depends on where you are and how you own title (joint, common,
entirety, or community, the altter which probably doesn't apply unless
there is a community property state that recognizes common-law
marriages; jeez, that's one to look into).

I believe you may need what is known as a "partition sale" lawsuit.
Partition by sale is a forced sale of the property with the profits
divided among the owners.

Property law answers are always fascinating and I look forward to a
Researcher answering this one.
Subject: Re: quickclaim deed
From: ansel001-ga on 13 May 2006 20:16 PDT
 
I wouldn't use a quit claim.  If you do that, you are renouncing any
legal interest in the house.  It would then be entirely his house and
he would be under no legal obligation to give you anything.  Your
money in the house would be lost.
Subject: Re: quickclaim deed
From: markvmd-ga on 13 May 2006 21:31 PDT
 
Hmph, a part of my answer was not included. It went thusly:

FOR GOD'S SAKE, GET AN ATTORNEY.

We now return you to your regularly scheduled answers and comments
Subject: Re: quickclaim deed
From: myoarin-ga on 14 May 2006 06:34 PDT
 
You will need an attorney, regardless of any advice here.  Please not
the disclaimer below.

I agree that it if you want to assure that you get your money, it is
probably too complex for a quitclaim deed.  You want to be sure that
you release your share of ownership only if and when he can secure a
mortgage for an amount that will pay what you agree is your share, 
AND that the proceeds are paid directly to you or an escrow agent.

How much should be your share?  At least what you put up originally
and any subsequent payments, if there is an existing mortgage, AND you
should consider your share of any increase in the market value,
although this will be difficult to fight for, since the price could
decline again, i.e., there is no assurance that when he eventually
would sell the house, that value would still be valid.
But if the house is presently worth significantly more than before, at
least this is a starting point, with the threat that you insist on the
house being sold now to get your fair share, which may be what has to
happen if he cannot get a mortgage.

If you post a clarification telling in which state the property is, it
will help a Researcher.

Good luck,  - and again, this is no legal or professional advice.
Subject: Re: quickclaim deed
From: hagan-ga on 15 May 2006 05:33 PDT
 
It may not be "legal or professional advice," myoarin, but it's GOOD advice.
Subject: Re: quickclaim deed
From: myoarin-ga on 15 May 2006 07:38 PDT
 
Hey, thanks, Hagan!  Reading your answers must have taught me something.
Myoarin
Subject: Re: quickclaim deed
From: katie1107-ga on 16 May 2006 13:42 PDT
 
I am the one who is trying to resolve this isssue and the home is in
Michigan...no common law marriages here (I believe).  And we have only
had it two years.  What is the best type of attorney to contact?
Subject: Re: quickclaim deed
From: markvmd-ga on 16 May 2006 18:54 PDT
 
A real estate attorney. Check your title and see who did the work.
Call and ask them.
Subject: Re: quickclaim deed
From: mdimauro-ga on 27 May 2006 17:59 PDT
 
The simplist and most inexpensive way of getting your money out of the
house is to execute a quitclaim deed in favor of your your
ex-roommate, but give the quitclaim deed to Major/National escrow
agent (Like Chicago Title) that will be handling the refiance escrow
of the house.  Inatruct escrow to turn over the quitclaim only once
the escrow is in possession of your share of the money.  Escrow will
preapre the instructions and you won't need a lawyer in many states to
do this.  By the way, in what state is the house located?

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