Full question:
I own two properties that I sold and carried the paper on, the people I sold to are behind in payments and want to give the property back to me, is a quck claim deed, the best type to use for them to return the property? I have done title serch and one property is okay the other I have to go through foreclosure because of debts they owe. I live in Texas the property is in Cal.
- Category: Real Property
- Subcategory: Deeds
- Date:
- State: California
Answer:
Deeds are legal documents used to transfer ownership of real property. They come in different forms, with the quitclaim deed being one of the simplest. A quitclaim deed transfers whatever interest the grantor has in the property without any warranties regarding ownership or claims against it. This means the grantee accepts the property as-is, subject to any existing debts or liens.
In your situation, a quitclaim deed may be appropriate for the property the buyers want to return to you, especially if there are no disputes about ownership. However, since one of the properties may require foreclosure due to debts, you will need to follow the foreclosure process for that property. A quitclaim deed does not resolve any outstanding debts associated with the property.
To execute a quitclaim deed, it must include a description of the property, the names of the grantor (the sellers) and grantee (you), and be signed and notarized by the grantor. Once completed, the deed should be recorded in the county where the property is located to ensure proper transfer of ownership.
For more specific guidance, consider consulting a local attorney who specializes in real estate law in California.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.