I asked a similar question yesterday and received responses. I have been in a contract sale of property and found out that a quit claim was filed in Jan. 2006 without my knowledge. Now the seller is begging me to sign it back over to her. Since I am now the legal owner of the property am I still responsible for the terms of the contract? I agreed to pay the seller what I promised in the contract but she won't agree to it unless I sign the house over. She was after me to refinance the house to pay her off earlier. Unfortunately I am unable to do so because of bad credit. Another one of her terms is that my payments be raised higher or for me to find another residence. I know it would be unfair of me to just not pay but I don't know what to do. What puzzles me is if my final payoff isn't until 10 years then why did they file this quit claim giving up their rights last year. Is the contract still in effect now that I am the legal owner? Or is the house mine free and clear?
2007-01-11 20:17:33 · 4 answers · asked by LISA J 1 in Business & Finance ➔ Renting & Real Estate
You've got to go see a real estate lawyer. And quickly.
2007-01-11 20:27:33 · answer #1 · answered by morlock825 4 · 0⤊ 1⤋
If you're under contract to purchase a house and the seller transfers the property (through sale, quitclaim, etc) to a third party, then the seller has breached the contract and is liable for damages.
I'm not clear if the quitclaim was filed with you as the owner or sold to some other party.
The seller has no rights to demand the house back, more or higher payments or refinancing. By definition, the seller signed away their interest in the property when the quitclaim was filed. As long as you abide by the terms of the contract that you signed, you have the ten years to finish making your payments.
The contract rermains in effect until satisfied.
2007-01-11 20:43:39 · answer #2 · answered by greebyc 3 · 0⤊ 0⤋
I answered this before and you gave me Best Answer. This is your mother (or some relative) as I recall. If she needs the money, why not be up front with her! Make some arrangements with her to pay her something to live on, this may be her only source of income and now its gone over a mistake she made. Ease up, its only money and blood is thicker.
Work it out with her, you'll be proud of yourself. (It evidently worries you). You'll sleep better at night knowing you did the right thing,,,I would!
2007-01-11 22:24:20 · answer #3 · answered by Barbara 5 · 0⤊ 0⤋
If the Quit Claim was to you then you own it. Period. End of discussion. You don't have to give it back. Period.
2007-01-12 01:08:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋