Posted on: 08th Apr, 2011 12:49 pm
is a quit claim appropriate for the following situation?
lake home is a second property. it is located on a lease lot so the dwelling is the only assest -- we do not own the property. thus, there is no warranty deed on file at the county. the property is owned by ga power. a small mortgage was taken out on the home.
home was to be split 50/50 interest with investor a putting up cash and investor b holding the mortgage. at closing, only investor b is shown on property due to mortgage and that name is on the lease. to ensure investor a is protected, should there be a quit claim for 50% interest in property be given by investor b?
need to ensure this would not cause the mortgage to be due immediately. also want to ensure that it will require both investor a and investor b to sell, refinance, borrow, etc. against the property. you advise is appreciated.
thanks,
cheri
lake home is a second property. it is located on a lease lot so the dwelling is the only assest -- we do not own the property. thus, there is no warranty deed on file at the county. the property is owned by ga power. a small mortgage was taken out on the home.
home was to be split 50/50 interest with investor a putting up cash and investor b holding the mortgage. at closing, only investor b is shown on property due to mortgage and that name is on the lease. to ensure investor a is protected, should there be a quit claim for 50% interest in property be given by investor b?
need to ensure this would not cause the mortgage to be due immediately. also want to ensure that it will require both investor a and investor b to sell, refinance, borrow, etc. against the property. you advise is appreciated.
thanks,
cheri
Hi Cheri,
In order to give ownership rights to Investor A, a quitclaim deed should be signed by Investor B. Adding name to the property does not mean that they will have to sell off the property.
In order to give ownership rights to Investor A, a quitclaim deed should be signed by Investor B. Adding name to the property does not mean that they will have to sell off the property.