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jlsmitty1962 · Joined: 22 Jan 2010 Posts: 1 1.38 Dollars($)

I purchased a home via quit claim deed and a sign contract (sales contract) in the state of Georgia. The mortgage/homeowners insurance stayed in the grantor's name for 2 years in which I (grantee) paid them both for those 2 years. The plan/agreement was for me to try and sell and/or re-finance the house and have it put in my name. During the 2 years I also had a lot of upgrades done on the property to help it sell. Before I sell or refinance, the property was loss from fire damage. We agreed to pay off the existing mortgage from the insurance proceeds. IThe grantor no longer has this debt. After the payoff, there was a balance remaining from the insurance proceeds of 25,000. Who's entitle to the balance from the Ins proceeds the grantor or the grantee (holds the quit claim deed)?

gmakerley · Posted: Sat Jan 23, 2010 11:06 am Post subject:

sounds like a case that needs to be adjudicated. you have a quit claim deed indicating your ownership, yet you chose not to notify the insurance company of the change. as far as the insurance company is concerned, the other party is the owner and therefore entitled to any proceeds from the policy. but your deed contradicts that.

a lawyer may be the first step in ironing this out, and you may need a court order before you're done.

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