Quick Claim - Names

kamproperty · Joined: 01 Oct 2008 Posts: 2 1.89 Dollars($)

I'd like to put the following on a piece of property that is being Quick Claimed to me: Marie Clark dba MC Property Management. Is this permissible?

elnoralittle · Posted: Wed Oct 01, 2008 4:12 pm Post subject:

The title attorney that you are using should be able to tell you this.

smithsussane · Posted: Wed Oct 01, 2008 9:38 pm Post subject:

Hi kamproperty!

I do not think you can add this name in a quitclaim deed. As far as I know, you can only transfer residential properties through quitclaim deed.

Feel free to ask if you have further queries.

Sussane

elnoralittle · Posted: Thu Oct 02, 2008 5:20 am Post subject: Kamproperty..

If you sit tight, I will get back to you with the correct answer on this question. I have referred it to my best Title Lawyer.[font=Impact][/font]

I will get back to you after 9 when they open their offices. I want you to know for sure the right answer.

elnoralittle · Posted: Thu Oct 02, 2008 5:31 am Post subject:

wikapedia states the following: quitclaim deed is a term used to describe a document by which a person (the "grantor") disclaims any interest the grantor may have in a piece of real property and passes that claim to another person (the grantee). A quitclaim deed neither warrants nor professes that the grantor's claim is actually valid. By contrast, the deeds normally used for real estate sales (called grant deeds or warranty deeds, depending on the jurisdiction) contain guarantees from the grantor to the grantee that the title is clear. The exact nature of the warranties vary from jurisdiction to jurisdiction. Quitclaim deeds are sometimes used for transfers between family members, gifts, placing personal property into a business entity, or to eliminate clouds on title, or in other special or unusual circumstances.

An example of a circumstance where a quitclaim may be used is where one spouse is disclaiming any interest in property that the other spouse owns.

Another common form of deed similar to a quitclaim deed is the tax deed, which is used by government authorities when selling properties seized for nonpayment of taxes, as the authority will not promise that the buyer will obtain clear title to the property. It may be possible to obtain such assurances, for a fee, from a title insurance company or an attorney who performs a title search.

Of the different types of deeds, the quitclaim has the least assurance that the person receiving it will actually get any rights. In most common law jurisdictions, a quitclaim deed is not technically considered to be a deed at all, and, in some jurisdictions, a buyer who receives a quitclaim deed may not be considered a bona fide purchaser for value unless the quitclaim deed meets certain requirements. It fails to meet all five traditional tests of a true deed found in common law. Instead, it is considered to be an instrument of estoppel, which means it estops or prevents the grantor of the quitclaim deed from later claiming that he or she has an interest in the property. Title companies may be unwilling to issue title insurance based on a quitclaim deed; thus, quitclaim deed holders may have to obtain further proof that a bona fide sale occurred or institute a quiet title action in a court to obtain clear title.

The grantee in a quitclaim deed (or a grant deed or warranty deed) receives no better title than what the grantor possessed.

A quitclaim deed does not release the party quitting claim to real property from their obligations under any mortgage or other lien secured against said property.[citation needed] The most accessible means of being released from one's obligations under a mortgage pursuant to the execution of a quitclaim deed is through refinancing. The party to whom the property was conveyed must refinance the property using their own income, assets and credit, and may not use the income, assets or credit of the party who has quit claim.

elnoralittle · Posted: Thu Oct 02, 2008 6:55 am Post subject:

Just got off the phone with the attorney. You can deed it that way.

Good Luck!

gmakerley · Posted: Thu Oct 02, 2008 8:54 am Post subject:

not sure i would trust wikipedia - those items on there can be edited by anyone at any time, from what i understand.

elnoralittle · Posted: Thu Oct 02, 2008 8:58 am Post subject:

yes, but I contacted our attorney to confirm. So hopefully the information was helpful.

elnoralittle · Posted: Thu Oct 02, 2008 11:56 am Post subject:

RE:just got off the phone.
The attorney said that you can put it in the business name, but clarified, it couldn't be both. He indicated if you were ever to sell the property, who would sell?
you would have to pick MC or MC properties.

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