Quitclaim Not Valid? Experts Help Please!
Hello,
I could use some veteran help, but any will be appreciated.
The trustor is ready to sign the house to me but there is a cloud on title.
Here it is
She Quitclaimed the house to the neighbor 2 months ago without any consideration. I've been told that a Quitclaim Deed w/o any consideration is not valid, is this true?
My next move was going to contact the new Grantee and explain to her I was buying the house at the Trustee Sale and I would take legal action against her interest in the property and I would win because she doesn't have a valid Quitclaim.
Or, should I attempt to have the neighbor Deed the house back to the original Grantor and have her sign the house to me and I would bring the defaulted loan current and avoid the Trustee Sale?
anyone?
peace
Hi,
Why was the house quitclaimed to the neighbour?
I would think nobody in their right mind would do something like that without reason. The next question is: Could this reason be the consideration? And if so, are both parties remebering the same thing and would an oral agreement like that hold up in court?
Technically you may be right, but then again, would a judge in court look at the intentions of the current owner and neighbour and hold these intentions up as good enough reason for this quitclaim to be good.
I mean, I really don't know. I think I would talk to an attorney or maybe find out if a similar case has ever been in court before to see the results of it.
Good luck!
The woman in foreclosure is walking away from the house leaving all her equity. I offered to compensate her if she would deed it to me. Then i found out about the Quitclaim. So the neighbor has the Grant Deed to the house but the original trustor still holds the note going to sale and she is going to let it go. I want to know would it be easier/ wiser to buy the property at trustee sale and take a risk that the neighbor might contest my interest, or should I offer the neighbor some settlement to Deed the house back?
I would discuss with the neihbor. The "owner" obviously admitted to giving the deed, it would be very difficult in getting that reversed. Even if you were successfull it would be a very expensive time consuming legal battle. Does the neighbor know property is in foreclosure? The neighbor holding the deed could simply pay off the bank and be done with it. If this is not their intention I would offer the neighbor $ and have them give me deed. It seems you are dealing with the wrong party, and after making previous owner an offer they might have realized they made a mistake by giving the quit claim deed.
(sellers remorse)
good luck