Quit Claim Deed
I'm building a home on property that I have. My contractor wants to do a quick claim deed. Is this common and if so how do I protect my self. Thanks. :-?
I'm building a home on property that I have. My contractor wants to do a quick claim deed. Is this common and if so how do I protect my self. Thanks. :-?
you don't have enough info to tell exactly what kinda deal that you are doing but from the info that you have given... the deal "stinks". you need to know more about this deal before you sign a q/c...........ggod luck.....kenmax
He is using his own money to build the house then I will get a mortgage. He said it just protects his investment in case I decide I do not want the house after he gets it built hope that helps thanks for the reply.
i would not sign a q/c . you are putting yourself at to much risk. if you do you are giving him all rights to your land. if he goes broke in the process and does not complete the house he still has all the rights to the prop . and you have nothing. i would seek legal from a r/e attn. before i signed a q/c........ggod luck.......kenmax
Clumsy and potentialy leads to litigation.
Why not just execute a note to him for the sums he is going to utilize on the construction of the house. You might also add a few dollars for profit. Contractors are so picky about working for no money. It effects their work. At the end of time when all has been finished then you have it all appraised and from the proceeds of the loan you pay off the contractor.
I would be very nervous about a Quit Claim Deed it might lead to Suzerain Rights, or the Right of the First Night. And that could take all the fun out of things. Bad way to start a marriage, much less a Owner Contractor Relationship. Besides very old fashioned
Simply isn't done you know.
Lucius
your attn. will be able to draw -up a contract that propects you both. if you are not sure how to go.