ARE Quitclaim deeds needed....

jacquie · Joined: 28 May 2007 Posts: 1 1.26 Dollars($)

Is a quitclaim form needed when a percentage of equity is bought from a party that does not have their name on the property deed, tirle or ANY other document> this property is in CAL.

adonis · Posted: Mon May 28, 2007 9:18 pm Post subject:

Hi Jacque,

How is it possible. How you can buy a percentage of equity who even does not have his name on property deed or title or any relevant document.

helping_user · Posted: Mon May 28, 2007 9:26 pm Post subject:

Hi Jacquie,

Welcome to our community.

First of all when a person is buying a percentage of equity from the party, then the party should have some legal rights on the property. But in your case, the party does not have their name on the property deed or the property title. So, they do not have any rights to sell the property.

And I suggest you that if you are looking to buy a share of property, then it always better to go with warranty deed. Because it claims that there is no debt against the property.

Thanks

Guest 0.10 Dollars($)

to adonis...

we are a church that let our renters (another small church) grow "equity" from their rent...

we decided that their late and partial payments were too risky and have asked to "buyout" their percentage of what they have gained. this is mutual agreement but have too much at risk to not reserach.

we are bascially trying to do what is honest and "Christian Best Practice" but want to make sure all our bases are covered....

adonis · Posted: Mon May 28, 2007 10:02 pm Post subject:

Hi,

If I am not wrong then am answering to Jacquie. If yes, then why are you not posting as registered member?

It is really good to see that you are looking forward to help people. But while transferring the equity, the document should be signed by the authorized person who is currently posses the rights of the equity. Then, it will valid for them.

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