Posted by Bill H on September 29, 2004 at 18:38:03:
Amy:
Not an attorney…this is not legal advice…just good practical common sense from lots of experience.
It is a Quit Claim Deed…AND…the instant you execute it and it is notarized YOU have NO MORE interest in the property. In almost all states it does not have to be recorded…just delivered during the life of the grantor. LOOK OUT seems to me like you are about to be taken to the ‘cleaners.’
You should have, somewhere in the closing, the fact that you are owed $$$ and the deal is contingent upon your getting these $$$ to your satisfaction.
My boyfriend and I bought a home together two years ago. We are breaking up and he is refinancing the loan in his name only. At what point does the quick claim deed need to be signed? My problem is that he wants me to sign the Quick Claim deed before he closes his refinance, but he hasn’t paid me all of what he?s agreed to pay-half the equity in the house. He keeps saying my signature is needed to start the paper work for his refinancing. I talked to a lender, not the one he is using, but this lender said I had to sign the quick claim at his closing and not before. I’m afraid if I sign it before he closes-he won’t let me leave with my stuff, which is about everything in the house except for the stove/dishwasher and a bed. Please help!
Posted by John Merchant on October 16, 2004 at 24:15:12:
Yes, you should have a lawyer draft an agreement that you will release your interest, as soon as the guy pays you and you’re released from the mortgage…not a minute earlier or you’ll be out in the wind.
Would you pay for anything at the store, and not get it and take it with you then? Not likely, and you shouldn’t let him have your money here, either until you have what you’re promised.
Amy, secure your finaical records pertaining to the house.
Request a copy of closing papers prior to closing.
Have your attorney review them, a couple of hundred
spent now could save you thousands later. Be sure the
closing company issues two checks, one for him, one for you.
Good luck.