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Hello Snoots 51,
This is legal, but "workable" I'm not sure. A Quit Claim deed would be deeding over his interest in the property, no matter what that interest is. As we sit here, we don't know what that interest is. If he owns the property with his wife as tenants in common, he owns a straight one-half, like it was divided down the middle. But that is not the usual way. If they are joint tenants, he and his wife own the whole thing, and there is no particular division. Are there liens against it? Is she going to be awarded the house in the divorce, making his part "moot"?
Too many questions in this transaction and I would not go for a deal like this. However, he could sign a promissory note for $___ to be paid when he gets his money from the house, or by a certain date.
Again, it's legal, but not very reasonable, in my opinion.
Gentleman has lived in my home with me for three years and recently recieved a settlement for comp claim. Gentleman signed the checks and so did I and deposited them into a joint account. After checks cleared do either of us has the right to dispose of the monies as we so choose as I have done so and asked the man to leave. I gave him transportation, a 50,000 buisness and 5,000 in cash from this settlement. Does he have legal recourse?
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