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legalgems
legalgems, Lawyer
Category: Legal
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I own a home, I let a person talk me a deal of m fixing it

Customer Question

I own a home, I let a person talk me a deal of him fixing it up in 3-4 mo. and they we sell and split the sell. in the meantime, he ask us to give him a quitclaim deed so he could get permits to fix it up. The quitclaim has no amount of money involved, but was signed and notorized. The person fixing the house, now wants to buy it, but cannot get a loan. He was told by the bank that the quitclaim is not valid. I want to know, if it was notorized, can it legally be considered valid. It has not been recorded at the title co. or the county. I am a senior, disabled, and feel used. Please help. Any advice would be helpful.
Submitted: 5 months ago.
Category: Legal
Expert:  legalgems replied 5 months ago.

I am sorry to hear this;

In order for a quit claim deed to be valid, one needs to have it recorded - it does not transfer ownership as far as third parties go until it is recorded.

However, it is never a good idea to sign over one's house to a third party because once that is done it is very difficult to get the deed voided. There is no reason a contractor would need to be on title to get a permit-contractors apply for permits all the time; rather the proper way to document the agreement is via a written contract so that both parties are protected.

One should never execute a quit claim deed to a third party unless they intend to transfer that property to the other person as that is a binding legal document. It is only effective to third parties once it is recorded.

I would urge you to contact an attorney near you to discuss the possibility of elder financial abuse/exploitation, as that is a criminal act.

http://www.calbar.ca.gov/Public/LawyerReferralServicesLRS.aspx

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.

Expert:  legalgems replied 5 months ago.

Checking in on the above;

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