Posted on: 23rd Jan, 2008 08:54 am
hi, i am a uk resident who bought a condo in florida. the condo is renting well but i am losing money as the managment company are taking an excessive 45% of all rental income. i have an opttion to go with another managment company with dramatically lower charges. unfortunatly i signed a 5 year contract with present managment company on this condo.
would a quit claim deed transfer the property to my wife without the obligations of the contract and leave me free to negotiate with the alternative company?
would a quit claim deed transfer the property to my wife without the obligations of the contract and leave me free to negotiate with the alternative company?
Hi Gerry,
Welcome to the forum.
I think if you quitclaim the condo to your wife while you are still in the contract, then you are actually breaking the contract and that may affect you. But I shall advise you to consult with an attorney.
Best of luck,
Larry
Welcome to the forum.
I think if you quitclaim the condo to your wife while you are still in the contract, then you are actually breaking the contract and that may affect you. But I shall advise you to consult with an attorney.
Best of luck,
Larry
Hi Gerry,
You mean that you wish to transfer the contract on the condo from one managment company to another? Well, that might not be possible because the contarct term extends for 5 years. And, if there isn't any provision that can change the contarect under special circumstances, I'm afraid you won't be able to transfer the contract.
Thanks
You mean that you wish to transfer the contract on the condo from one managment company to another? Well, that might not be possible because the contarct term extends for 5 years. And, if there isn't any provision that can change the contarect under special circumstances, I'm afraid you won't be able to transfer the contract.
Thanks
Unless there is a provision in the contract, by transferring the property, you have voided the contract and are not in breach.
45% is insane. Most companies charge 5 - 10%.
45% is insane. Most companies charge 5 - 10%.
