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ARE Quitclaim deeds needed....

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jacquie Joined: 28 May 2007 Posts: 1 1.26 Dollars($)	Posted: Mon May 28, 2007 7:42 pm    Post subject: ARE Quitclaim deeds needed.... Like 0 Dislike 0 Is a quitclaim form needed when a percentage of equity is bought from a party that does not have their name on the property deed, tirle or ANY other document> this property is in CAL.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon May 28, 2007 9:18 pm    Post subject: Like 0 Dislike 0 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. _________________ Procrastination is the enemy of your financial success
helping_user Joined: 31 Mar 2006 Posts: 806 Location: Hawaii 158.55 Dollars($)	Posted: Mon May 28, 2007 9:26 pm    Post subject: Like 0 Dislike 0 Hi Jacquie, Welcome to our community. First of all when a person is buying a percentage of equity from the party, then the party should have some legal rights on the property. But in your case, the party does not have their name on the property deed or the property title. So, they do not have any rights to sell the property. And I suggest you that if you are looking to buy a share of property, then it always better to go with warranty deed. Because it claims that there is no debt against the property. Thanks
jjb Guest	Posted: Mon May 28, 2007 9:39 pm    Post subject: no names on deed Like 0 Dislike 0 to adonis... we are a church that let our renters (another small church) grow "equity" from their rent... we decided that their late and partial payments were too risky and have asked to "buyout" their percentage of what they have gained. this is mutual agreement but have too much at risk to not reserach. we are bascially trying to do what is honest and "Christian Best Practice" but want to make sure all our bases are covered.... _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon May 28, 2007 10:02 pm    Post subject: Like 0 Dislike 0 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. _________________ Procrastination is the enemy of your financial success

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