Quit Claim
How is the sale of property affected when the owner does a quit deed to a relative before the property is sold but after a contract to buy has been written?
Can a quit deed be done on property that has an existing mortgage?
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On 2004-08-06 11:27, queend wrote:
How is the sale of property affected when the owner does a quit deed to a relative before the property is sold but after a contract to buy has been written?
Legally, the seller has agreed to sell to you. Your contract should preclude him selling to anyone else. As such, he should not have qit claimed the property to his relative. Ask your title company how they want to handle it.
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Can a quit deed be done on property that has an existing mortgage?
It can be done on any property. However, it might trigger a "Due On Sale" clause.
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you can sue him for bridge of contract and get any earnest money you may have made. but if the quit claim has been filed it will stand.....kenmax
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On 2004-08-10 22:22, kenmax wrote:
you can sue him for bridge of contract and get any earnest money you may have made. but if the quit claim has been filed it will stand.....kenmax
That's a "Breach of Contract." As the OP is the buyer, the only earnest money involved is the buyer's. They definitely need to consult the title company first. If no satisfactory solution is immediately forthcoming, it is time to see their own lawyer to discuss filing a "Specific Performance Lawsuite" against the seller.