Posted by john on June 05, 2007 at 17:45:10:
Live in GA
quit claim deed - Posted by john horan
Posted by john horan on June 05, 2007 at 17:12:46:
my x is in the process of buying my share of equity. The mortgage company wants me to quit claim deed to her so she can do a refi. I have two problems with this: -1 If she fails to go through with the deal, I will be left with nothing. -2 The appraisal is not finalized yet, so I could get “low-balled” at the closing and either have to take-it or get nothing. Are my concerns valid and can I proceed and be protected from scenerio 1 and 2?
Re: quit claim deed - Posted by colvegas
Posted by colvegas on June 07, 2007 at 22:20:42:
Good comments on this post and like Rich advised you can do a demand on the escrow for services rendered as a lien which has to be paid off in the refin as long as the escrow agent has her sign off on it…
You deed is your collatoral so to speak so it is like a contract for deed transaction when she pays you the agreed amoutnt of monies then you release or grant claim her the deed.
Re: quit claim deed - Posted by Rich-CA
Posted by Rich-CA on June 05, 2007 at 23:21:12:
You can prepare the deed but not release it until you get paid. Force the Title company handling the refi to pay you for your share out of escrow in exchange for your quitclaim.
Or you could record a lien on the property for your share in exchange for the quitclaim, which would have to be paid in a refi.