Kirk Adams : Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question.
Kirk Adams : Who is the quitclaim deed being issued to?
The quitclaim does not say. It seems to be a bearer instrument. That is my concern. There are no limits stipulating how or when it will be exercised or when it will be released or any limits on who it could be transferred to. I understand I have three business days to cancel the mortgage application now that it has been signed (6:30pm Aug 30th). If I cancel the mortgage will they have to return the quitclaim?
Kirk Adams : I have NEVER seen a quitclaim deed be a part of a loan package. That really makes no sense.
Kirk Adams : If they're asking you to sign a quitclaim deed, that means that you're transferring your interest in the property to someone else.
Kirk Adams : I really can't see how that would be relevant in a loan package.
Kirk Adams : You need to make sure what the deal with the quitclaim deed is before you sign it.
Kirk Adams : If it is tied to the loan, and you back out, then all documents - - including the quitclaim deed - - should be cancelled.
Too late. Already signed it.
Kirk Adams : Ok.
Kirk Adams : Well, it's not too late to find out what it was for. Contact your lender or the closing attorney/agent and find out what the purpose of the quitclaim deed was.
Kirk Adams : I can't imagine why a quitclaim deed would be in a loan package.
Kirk Adams : I've closed thousands over my 11 years in practice and I've never seen a quitclaim deed in a loan package.
Kirk Adams : If you're still within your rescission period, you can find out what the deal is, and if you don't like it, you should be able to cancel everything - - including this deed.