quitclaim deed money transfer

Guest 0.10 Dollars($)

Hi,

My mother was recently divorced and her ex-husband is buying her out of the home they owned together. She is supposed to receive a check from her ex-husband for half of the home's value.

His mortgage company has asked her to sign a quitclaim deed at the closing. They informed her that she will receive her check three days after she signs the quitclaim deed.

Is this correct? Shouldn't she receive the check at the same time she signs the quitclaim deed? Thanks for your help.

Mark M

adonis · Posted: Wed Feb 07, 2007 8:33 pm Post subject:

Welcome Mark,

She should receive the check at the time of signing the quit claim deed.

Guest 0.10 Dollars($)

May be they will record the quit claim deed and for that purpose they are making the delay.

Guest 0.10 Dollars($)

Mark, it might be because of some kind of processing delay. But what if they do not pay her after 3 days?

Guest 0.10 Dollars($)

Yes Glaser, there's no guarantee that the company will pay Mark's mother. I think it would have been better if she had asked the company to give it in writing that they would pay her after three days.

Guest 0.10 Dollars($)

My mother got a lawyer who decided that he wasn't going to release the Quitclaim deed until she received the check.

He will fax the mortgage company a copy of the deed until she receives the check and then send them the original copy.

Thank you for the responses.

Mark

Guest 0.10 Dollars($)

That's a very good move by your lawyer. It is the safest way to complete a transaction when you are not sure about reliability of the other party.

All times are GMT - 7 Hours

Page 1 of 1