Posted by Jimmy on September 26, 2006 at 07:51:21:
the quitclaim deed will transfer to you whatever rights in this particular property actualy get distributed to this individual at the end of the probate. which could be 100%, or zero, or somewhere in between.
With that said, your quitclaim is worthless if the PR decides to sell the proerty during the probate. Your deal with the beneficiary does NOT tie the hands of the PR (unless, of course, your beneficiary is the PR). and if the bene is the PR, forget about the quitclaim. enter into your contract with the PR (in that capacity), and the deal can close a lot sooner for you.
So protect yourself at all times. no cash to beneficiary until escrow closes.
I hope this question is general enough to receive an answer. I have an opportunity to acquire property from a family member. The owner is deceased without a living spouse. The next of kin has not begun the probate process. If I get this person to sign over their rights using a quit claim deed, would this quit claim deed be legally binding once the probate process is complete?
Irrelevant when QCD signed - Posted by John Merchant
Posted by John Merchant on September 26, 2006 at 20:09:50:
Yes, but all that person’s doing is releasing his interests in the RE, whatever they may be.
I’d go ahead and order a preliminary title report so you’ll know who the title co. is going to require on the deed from YOU, should you be the one trying to sell the property.