quitclaim deed

Guest 0.10 Dollars($)

Legal question: if someone buys houses for investment and within days or months decides to quitclaim back to the builder he bought them from what needs to be done? The proceeds from the sale would pay off construction financing. If the builder allows the investor to quitclaim the houses back, where is the obligation for payment and are the houses again the property of the builder.

Guest 0.10 Dollars($)

Hi,
To quit claim it back, you will have to complete a quit claim deed form. Your(grantor's) signature on the form does not have to be notarized to be effective, but must be notarized to allow its recordation.

Recordation is important to give "constructive knowledge" to the world that the grantee has received title to the property,

sara · Posted: Wed Aug 16, 2006 8:37 pm Post subject: RE:

Hi,

If the builder gets back the property from the investor through quit claim deed, then he becomes the owner of the property. But his ownership rights are not confirmed through this deed. It is better that he retains ownership rights on thoese properties through warranty deed.

I am not quite sure of the payments though. You should take further advice from an attorney on this issue.

Thanks,

Sara.

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