Posted on: 08th Feb, 2009 12:28 pm
My husband and I live with my brother on his farm. He Quit claimed me the farm, and planned on remainng here for me and my husband to take care of him. Some of the acreage has always been rented out to another farmer, and that money pays the property taxes. Now that I own the farm, he has decided that all of the money from property rental is for him to keep for his own. He is in the midst of moving out now, and I am not sure what I should do. Do I contact the farmer, or is the brother entitled to this property rental money? Is there any legal reason that he is not entitled to this money. I don't want any trouble with IRS or anything.
Hi hiker,
Since your brother quitclaimed the farm to you, you are the legal owner of the property. Thus any expenditure on the farm like paying property taxes etc has to be carried out by you. Similarly, you would also be entitled to any income from the property. Thus, I don't think your brother is entitled to this property rental money.
Since your brother quitclaimed the farm to you, you are the legal owner of the property. Thus any expenditure on the farm like paying property taxes etc has to be carried out by you. Similarly, you would also be entitled to any income from the property. Thus, I don't think your brother is entitled to this property rental money.
Thanks Jenkin. The brother quit clamed us the property 8 months ago and is now starting to get really weird about it. He hasn't said anything but we are so fearful that he is going to try to undo it now. I have been reading all that I can in regards to this, and from what I can see there really isn't a way he can take it back at this point unless I quit claim it back to him correct? What if for instance he now trys to claim that in was not in his right mind at the time of signing all of it, even though it was 8 months ago? He had it done at his attorneys office with me present. But now he and his son have been acting very cagey, so I am becoming fearful. Just prior to him quit claiming the farm to me, we went to his attorney and he filed his Will, naming me as the benificary of the farm, and gave me power of Attorney. Please let me know if I am right in regards to this dilima! I am so scared.
Hi hiker,
There's nothing to be worried about. Signing a quitclaim is far more easier than reversing it. Once a quitclaim has been signed, there's no way the grantor can undo it, unless of course the grantee quitclaims it back to him.
The grantor can reverse it if he can prove that he signed it under pressure. But believe me, to prove that isn't a child's play.
There's nothing to be worried about. Signing a quitclaim is far more easier than reversing it. Once a quitclaim has been signed, there's no way the grantor can undo it, unless of course the grantee quitclaims it back to him.
The grantor can reverse it if he can prove that he signed it under pressure. But believe me, to prove that isn't a child's play.
There must be more to this story that you are not telling. It seems very odd to me that someone would just give away a farm, even if it was to a sibling. There has to be an underlying reason why he wanted to get the farm out of his name, and/or in to your name. For example, if someone is about to get sued, or know there is a large lien, such as a federal tax lien, about to be filed against them, they will try to get property out of their name so the creditor can't collect. This is known as a fraudulent conveyance, and although rare, the transaction can be voided, or undone, by a Court. Similiarly, a bankruptcy trustee can bring the same kind of suit and void the transfer. So, there are ways that creditors can bring suit to have the transction undone but it requires them to prove that the intent of the transfer was to hinder, delay or defraud creditors. As I said, this is rarely done, but it is possible. Another way is for the brother to claim that he was incompetent at the time of the transfer. This will be made more difficult by the fact the papers were drawn and signed at his lawyers office, but still, not impossible. Having said all that, I would rather be in your position, that that of your brother's, since the old attage applies, "possession is 9/10 of the law", and to your original question, all income from the property, as well as all expenses, belong to the owner.