Posted on: 15th Jan, 2009 06:47 am
If someone was recently signed over a quitclaim deed for 30 acres of land. And the bank had a lien from the previous owner (grantor). Is it legal to transfer the rights to (grantee) . if so who would take the financial responsibility legally?
This is why you don't accept a quitclaim deed when buying property.
A person can only transfer the property interest they hold. Therefore, if there is a lien, they can only transfer the property subject to the lien.
If the lien is not paid, the lienholder can foreclose on the property.
A person can only transfer the property interest they hold. Therefore, if there is a lien, they can only transfer the property subject to the lien.
If the lien is not paid, the lienholder can foreclose on the property.