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I have a question about executing a quitclaim deed. I live…

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I have a question about executing a quitclaim deed.I live in Palm Beach Co, Florida. A year ago, I paid off a friend's home equity loan - $60,000 worth - in exchange for her signing a quitclaim deed, which I have not executed. The agreement was that she would stay in her condo for as long as she's able (she's 80 years old) and continue to pay the homeowner's association fees, the utilities, the taxes, all repairs and maintenance, etc. The condo is worth about $115,000.We have since had a falling out and I want to protect my investment. I will always honor our agreement about her living in her home as long as she's able. I am concerned that if I do not execute the quitclaim deed, she could remortgage or sell the condo, or get a home equity loan against it, which she agreed not to do.How would I execute the quitclaim deed?If I do that, what would happen with the homestead exemption, which she now enjoys?If the homestead exemption is a problem, can I put a lien on her condo or otherwise protect my investment?There is no rush on the answer. Thank you.
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Answered in 6 minutes by:
4/4/2018
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 126,743
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

You need to file the quitclaim deed in the county clerks office where the property is located, Palm Beach County. You need to get the quit claim filed, because if she dies before you file it, you will be fighting in probate trying to prove the quit claim.

Unfortunately, once ownership is changed, she loses her right to the homestead unless the quit claim adds you to the deed with her name too as joint tenants. If the deed is a quit claim making you joint tenant, meaning on her death you automatically become owner without probate through your right of survivorship, she can keep the homestead. She would still be owner along with you and it would take two signatures to put any mortgage on the property.

That would be the best way, because you simply placing a lien on the property, you need a mortgage/promissory note with security interest to file and that would not prevent her from mortgaging it just means she would have to pay the lien before she can get any money.

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Customer reply replied 4 months ago
Your solution makes sense. Can you provide me with a template or sample of what such a quitclaim deed would look like?Also, I'm not following about the promissory note. Could you please explain? Thank you.

Thank you for your reply

A promissory note is needed to enfoce a lien and it has to specify that she is putting the property up as collateral for the mortgage. If she did not sign a note when you gave her the money, then she will likely refuse to sign now that you are fighting.

Here is a sample quit claim deed: http://www.clayclerk.com/wp-content/uploads/2014/11/Quitclaim-Deed.pdf

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Customer reply replied 4 months ago
This would be just a standard quitclaim deed, correct? How do I work in the fact that the Grantor is my former friend, the Grantee is me, but the title/deed (are they the same?) is to go into both of our names? The original quitclaim we filed is attached. Would an amendment work better? Thank you.

Thank you for your reply.

You need to record that deed and then you as owner can grant her joint tenancy with the new quit claim deed to add her as a joint tenant. Title/Deed, same thing in this case.

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Customer reply replied 4 months ago
I already have a quitclaim so do I need another? I attached the current quitclaim in my last message to you.
Can I add her as joint tenant based on the current quitclaim deed? How/when do I do that?

Thank you for your reply.

Yes, you need another. You need to make sure that first one is filed with the property records. That is step one.

Step two, once it is filed, you do another quit claim deed to add her to the deed as joint tenant and file that one after the first one is filed.

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Customer reply replied 4 months ago
OK, how does the second quitclaim differ from the first? Where is the joint tenancy declaration?

Thank you for your reply.

The second declaration states you as grantor grant joint tenancy with right of survivorship to the grantee so you would be granting "Joint Tenancy with right of survivorship" to her which is adding her to the deed while keeping you on as well as owner.

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Customer reply replied 4 months ago
Thank you... we're almost there! Is there a template or example of the second quitclaim (joint tenancy) that you can direct me to? Thanks.

Thank you for your reply.

I provided you a quit claim template that actually comes from a county in FL, so it is a FL form. That is the form you need to use.

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Customer reply replied 4 months ago
OK, I don't understand what language needs to be added at what part. I think I'd better see a real estate attorney.

The language you need goes in place of:

that the said first p arty, for the sum of $ _______________________________, and o ther good and valuable consideration paid by the second party, the receipt whereof is hereby acknowledged, does herby remise, release and quitclaim unto the said second party forever, all the right, title, interest and claim which the said first party has i n and to the following described parcel of land, and improvements, and appurtenance thereto in Clay County, Florida to wit

Your deed should say:

that the said first party, for good and valuable consideration received from the second party, the receipt whereof is hereby acknowledged, does hereby remise, release and quitclaim unto the said second party forever, joint tenancy with right of survivorship in the right, title, interest and claim which the said first party has in and to the following described parcel of land, and improvements, and appurtenance thereto in YOUR County, Florida to wit

So that is the language you need to use to add her into the deed without removing yourself.

Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 126,743
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified
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Customer reply replied 4 months ago
Thank you. I think that answers it.

Thank you.

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