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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. |
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There is no answer at this time. |
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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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