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Author Topic: Need some advice  (Read 1560 times)

Offline mlchas3

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Need some advice
« on: October 04, 2006, 07:23:10 pm »
I'm buying a property from someone (mr seller) who has deed the property to me (buyer# 1) by a Quit Claim and purchasing subject 2.  I've been making payments for past 18 months.  The person next door (buyer #2) wants to buy property.  I wasn't planning to sell but he offered me cash on spot as down.  Couldn't refuse.  Good deal for it.  So we signed contract and I took everything I had to the title company.  The title company called me and turns out that when mr seller bought the property he bought it along with someone else.  Two years later they filed Quit Claim deed where mr seller remained as sole owner or holder.  Financing was still under both.  Now the title company is asking me to locate this person to have him sign over Warranty Deed, because the Quit Claim he filed is not valid and neither is the one I filed.  Mr Seller has no idea where to find him.  I don't know where to find either.  Any suggestions to this matter?  Last thing mr seller knew is he was moving to another state and that is why he signed over the property to mr seller.   The title company said both mr seller and the other gentleman had to walk into a bank, title company or law office and call in to their office.  They needed both gentleman to show up together or separate and sign Warranty Deeds.  I won't have any problem with mr seller showing up to either one of these establishments but what do we do if cant find the other person?  Would this have mattered if financing on property no longer existed?  Should I just cancel sale?  I think the title company thinks I'm doing something fraudulent, which I'm definetly not.  I only took over the property like this because I know mr seller personally and he gave me the original Quit Claim and I filed my own and have been dealing with finance company since took over payments.  They are aware I'm making the payments.  Any suggestions will be greatly appreciated.    

Offline mcwagner

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Re:Need some advice
« Reply #1 on: October 04, 2006, 10:35:15 pm »
you should probably do what the title company suggests.

for future reference, a quitclaim does not transfer anything.  all it does is relinquish rights (quits the claim) of whoever gives it.  To transfer property, you need a warranty deed.  You can't sell it, because you don't own it.  Mr. Seller and #2 do, still.
Mark Wagner, CPA, LLC
Certified Public Accountant
http://www.facebook.com/MarkCWagnerCPA

Offline arr024

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Re:Need some advice
« Reply #2 on: October 12, 2006, 12:15:36 pm »
If you pay off the mortgage that you "assumed" prior to re-selling the home wouldn't that remove the lien on the property?  And once you do it wouldn't that now make valid the Quit Claim Deed?

Offline mcwagner

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Re:Need some advice
« Reply #3 on: October 12, 2006, 02:08:30 pm »
no.  a quitclaim doesn't transfer title.  the lien is irrelevant.

the quitclaim that Mr. seller gave him did not transfer title to him.  he cannot sell what he does not own.

Seller and other guy must execute a warranty deed to transfer title to mlchas, then mlchas should execute a warranty deed to transfer title to the buyer.
Mark Wagner, CPA, LLC
Certified Public Accountant
http://www.facebook.com/MarkCWagnerCPA

 




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