Home Buying in 60041>Question Details

Seanmontgome…, Home Buyer in 60041

I have been dealing with a "shady" owner. Because I did not trust he would deed the property to me after our contract was complete,

Asked by Seanmontgomery, 60041 Thu Jul 12, 2012

i.e. paid him all that I owed
he offered that I sign a quit claim deed that he would hold and then send me the warranty deed so that I could record it. Once I paid, he has not sent back the quit claim deed. Can I lose the house due to the quit claim?
The quit claim was signed by me before the warranty deed was issued to me. Can I transfer the property to my company to protect my asset as he has not filed the deed as of yet

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9
It clearly looks like you are in a legal situation that requires attorney's advice. Neither realtors nor loan officers are allowed to provide legal advice.

Thanks
Peter Schifrin
VP of Mortgage Lending
Guaranteed Rate, Inc.
https://www.guaranteedrate.com/peterschifrin
1 vote Thank Flag Link Thu Jul 12, 2012
Seanmontgomery,
Were you scuccessful with talking to an attorney to help resolve your issue?
0 votes Thank Flag Link Wed Feb 20, 2013
Unfortunately I have no money to fight this. I was a fool for dealing with the guy from out of state. Money is lost. He's scammed others and I am just resigned to chalking this up to experience. Revenge would be sweet though.
Flag Wed Feb 20, 2013
what came of this deal????
0 votes Thank Flag Link Tue Jan 15, 2013
Seanmontgomery,
You should contact an attorney for assistance. We can't give legal advice. You can go to the county and do a search on your property to see what was recorded, but an attorney and possibly a title company will do a more through search. The attorney can advise you on your best course of action and can assist you if you need to take further steps.

All the best,

Gary Geer

http://www.ggeer.illinoisproperty.com
0 votes Thank Flag Link Fri Jul 13, 2012
Sounds like you were both trying to do something shady. If it was an arm’s length transaction there was no reason for you to sign a deed of any kind. The flow should have been one direction.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Jul 13, 2012
Oh, jeez. What a mess. I'm assuming you had no lawyer? Well, you needed one then, and you definitely need one now.

Just one example: Didn't you wonder why YOU were signing a quit claim deed before you owned the house? You were agreeing to give up ownership in something you didn't even own. Now, perhaps a lawyer will tell you that the quit claim deed is worthless because you DIDN'T own the property, so there'd be nothing to "quit" or give up at the time you signed it. So a lawyer may tell you part of the answer hinges on what the quit claim deed actually says.

And, yes, perhaps your idea might work. Certainly--and I'm not a lawyer so this isn't legal advice--if you sold the property to a random person on the street (assuming the warranty deed is good), then the quit claim deed would be worthless. What a lawyer will look at, in part, is whether the company you'd be transferring it to is set up properly and exists as a clear and separate legal entity--you wouldn't want the seller to be able to "pierce the corporate veil."

Again, none of what I'm writing is legal advice. You absolutely need a lawyer, and you need to act immediately.

Good luck.
0 votes Thank Flag Link Fri Jul 13, 2012
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Assuming there is a mortgage involved here, this sounds like mortgage fraud. You need a lawyer and a copy of whatever was signed-a contract. Good luck!
0 votes Thank Flag Link Fri Jul 13, 2012
I would have to agree with the previous answers from Peter and Suzanne. To err on the side of caution, always get the help of professionals in this field like realtors, loan officers if necessary and lawyers before even entering into a signed agreement.

Now, your recourse is seek the lawyer's advice.

Best of Luck.

Maria
0 votes Thank Flag Link Thu Jul 12, 2012
Sean

You need to contact an attorney immediately. I hate to say it, but this is the reason real estate transactions are too complicated to be handled between private parties with no assistance from an attorney or professional realtor.

Call and attorney and get it straightened out for your benefit. Real estate attorneys charge very little to handle this - couple hundred dollars. This money is well worth avoiding potential losses and problems. Good luck.
0 votes Thank Flag Link Thu Jul 12, 2012
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