Posted on: 01st Jun, 2008 07:11 am
my brother and i own a house together. my goal is to sell the house to my brohter and his daughter. in order to get the best mortgage, my brother and daugher are asking me to quit claim deed my ownership to them, and they will then pay me back 10 days later when their financing goes through. i have total trust in my brother, but i am wondering if there are any hidden issues with a quit claim deed.
Welcome fly11ok.
The problem here is that once you signs a quitclaim deed, you cannot claim it back. So if your brother doesn't pays you back you cannot do any thing. So consult with an attorney and find out if you can make any legal agreement through which you can get back the money from your brother.
The problem here is that once you signs a quitclaim deed, you cannot claim it back. So if your brother doesn't pays you back you cannot do any thing. So consult with an attorney and find out if you can make any legal agreement through which you can get back the money from your brother.
Hi.
I agree with Niicss that once you have signed the quitclaim deed you cannot get it back. If you have total faith on your brothers then it is very good but it is always better if you take help from an attorney on this regard.
Best of luck,
Larry
I agree with Niicss that once you have signed the quitclaim deed you cannot get it back. If you have total faith on your brothers then it is very good but it is always better if you take help from an attorney on this regard.
Best of luck,
Larry
I would not transfer the property without a written contract, even if it is your brother. I can't see how transferring the property before financing will get any better financing terms.
