Posted on: 02nd Feb, 2010 08:53 pm
I was leasing to own a house and the deed was in my name I decided to not buy the house and I owed back payments. I did a quick deed and I heard from a real state agent that when I sign over the quick deed that made my back payments no longer recoverable by the seller, because I signed over all of my interst in the property, is this true.
Hi Chris,
You have quitclaim the title to the seller and you no longer have any interest in the property. But this does not actually release you from your financial obligations. Moreover, I believe you signed some sort of agreement with the seller and you are bound by the terms of that agreement. If you are supposed to make the back payments as per the terms of the lease agreement, you will have to pay them.
You have quitclaim the title to the seller and you no longer have any interest in the property. But this does not actually release you from your financial obligations. Moreover, I believe you signed some sort of agreement with the seller and you are bound by the terms of that agreement. If you are supposed to make the back payments as per the terms of the lease agreement, you will have to pay them.