Posted on: 14th Sep, 2007 05:29 pm
agreement for deed was agreed upon with the stipulation a quit claim deed be signed by second parties wanting the deed so that the first parties granting the agreement for deed to the second party would not have to go through a lengthy foreclosure. the second party had no down payment and therefore it was similar to renting but allowed second parties to claim homestead and keep monthly payments same without increasing and if all terms met would convey deed upon completion of term of agreement. however, payments have lapsed and no insurance has been provided.
Highsmithjc, there are few things not clear from your post -
"if all terms met would convey deed upon completion of term of agreement. "
What was the term of the agreement?
"Agreement for Deed was agreed upon with the stipulation a Quit Claim Deed be signed by second parties wanting the deed so that the first parties granting the Agreement for Deed to the second party would not have to go through a lengthy foreclosure."
Has the first party already signed on a quit claim deed to convey ownership to second party?
"Can we exercise a Quit Claim Deed signed at a prior date?"
If the agreement specifically mentions that the quit claim deed will be signed after the term of the agreement is over, you will not be able to exercise the quit claim deed prior to it.
If you can provide few more details then we would be able to provide more helpful suggestions to your question.
Miller
"if all terms met would convey deed upon completion of term of agreement. "
What was the term of the agreement?
"Agreement for Deed was agreed upon with the stipulation a Quit Claim Deed be signed by second parties wanting the deed so that the first parties granting the Agreement for Deed to the second party would not have to go through a lengthy foreclosure."
Has the first party already signed on a quit claim deed to convey ownership to second party?
"Can we exercise a Quit Claim Deed signed at a prior date?"
If the agreement specifically mentions that the quit claim deed will be signed after the term of the agreement is over, you will not be able to exercise the quit claim deed prior to it.
If you can provide few more details then we would be able to provide more helpful suggestions to your question.
Miller
Hi Highsmithjc,
There is a specific time period for recording a quitclaim deed after it is signed and it varies from state to state. After signing, if the deed is not recorded at the county recorder's office within a specified period, then it may become invalid.
However, when the first party has already defaulted on the payments, then the lender can anytime place a lien on the house. And if the first party is unable to make the payments, then in that case the second party may have to make the payments to clear off the lien from the house.
There is a specific time period for recording a quitclaim deed after it is signed and it varies from state to state. After signing, if the deed is not recorded at the county recorder's office within a specified period, then it may become invalid.
However, when the first party has already defaulted on the payments, then the lender can anytime place a lien on the house. And if the first party is unable to make the payments, then in that case the second party may have to make the payments to clear off the lien from the house.