|
|
| *Ostroff, Fair and Company>>>United States Taxes |
Selling property that has been quit claimed to someone else that has never filed it.? |
If you have property in Texas and you quitclaimed it to someone else a year ago and they never filed the paperwork and you are still paying the property taxes, what would be the conseqences to selling it without the other person knowing When you quit claim title to a property, you only transfer what right, title and interest you own. In your case you can disclose the situation in writing to the potential new owner and transfer title by a new quit claim deed. The new owner should then immediately record the quit claim deed and take possession of the property. In that case you would not be claiming you had title to the property but would be transferring whatever title you owned, if any. Any dispute would then be between the holders of the two quit claim deeds and the first one filing (recording) would hold title. Source(s): Google Answers (Not a legal opinion.): Every conveyance of real estate within the state [of Michigan] hereafter made, which shall not be recorded as provided in this chapter, shall be void asagainst any subsequent purchaser in good faith and for a valuableconsideration, of the same real estate or any portion thereof, whose conveyance shall be first duly recorded. The fact that such first recorded conveyance is in the form or contains the terms of a deed of quit-claim and release shall not affect the question of good faith of such subsequent purchaser, or be of itself notice to him of any unrecorded conveyance of the same real estate or any part thereof. ================== Accordingly, even if there is a prior unrecorded deed, it is possible for a subsequent deed to take precedence on the basis that it is the first recorded transaction. There would probably be a lawsuit and you may or may not lose, not enough info to tell. If the quit claim was never filed and the orginal person was still paying the taxes then I would assume that the original person still holds title. If you have a notarized quitclaim deed, then you dont own the property. The house needs a new title and to be vested properly. If the person you quitcliamed it to is refusing to do the upkeep and make the correct filings go to court, but do not sell this house until you own it, or you will be in trouble. A quit claim deed is not sufficient to give the buyer title to the property. It only transfers "any claim you may or may not have". For the buyer to claim title, they need a "warranty deed" or "deed of trust". What you have done is put ownership of the property in legal limbo. Neither you or the buyer has a clean title. A real estate attorney is now an ESSENTIAL consultation. |
| Tags |
| Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes |
Finance Categories--Copyright/IP Policy--Contact Webmaster |