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While I can't offer you specific legal advice, I can give you some general principles that may help you.
When someone signs a quit claim deed, they sign over their rights to that person. So in this case, they would assign their ownership rights to the Association. This would allow the Association to rent the property, but would not of course stop the foreclosure.
The risk of someone just "taking over" the property is that technically, they would be trespassing. If the unit was rented an heir complained, theoretically they could make a claim for the rents collected by the Association, although they would have the hurdle that they signed their rights to the estate away. A quit claim deed would alleviate this problem. One possible risk is that there could be heirs that have not been identified, but the level of that risk would depend on what stage the settlement of the estate was in.
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the Association would own all of their rights and could rent the unit, pending the Lender completing the foreclosure. The only person that could complain about that procedure
Thanks for your response:
1. I believe that a Quit Claim Deed transfers only whatever rights may legally belong to the transferor, with zero warranty or representation that said party actually has any such rights.
2. Therefore since the known heirs have formally renounced any interest in the estate, they would be transferring nothing. However the 'transfer' would provide the 'color of a case' that all was done that could be done.
3. If the risk of 'trespassing' is a civil risk limited to the appearance of some heir other than the ones who renounced their rights surfacing, it is well worth taking.
4. However to minimize said risks it would be useful, don't you think, to officially inform the known heirs of the Ass'n action, as well as to seek information form the Probate Coourt of any othe possible heirs.
In the end the practical solution seems the most reasonable provided the additonal precautions are taken.
You are correct that a quit claim deed only transfers what rights that belong to the transferor. While you can definitely inform the heirs and seek information regarding who the heirs are from the Probate court (this will help you determine if all of the heirs have been identified), I can't comment as to the advisability of the Association "taking over" the condo, as I am prohibited from giving you legal advice specific to your situation.
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