Posted by Jeanna Brown on 1/26/07 1:00pm
Msg #172686

Quick Claim Deed

On a quick claim deed should the amount received be on this form? The individual received 50k but there is not trace of the money? Can this hurt her down the road because of taxes?

Reply by Charles_Ca on 1/26/07 1:06pm
Msg #172690

First and this may not be appreciated but as a professional you should know the documentation and what it is called: it is a Quit Claim Deed. This deed grants all the interest that the grantor has to the grantee. There may be no actual interest whatsoever. Quit calim deeds can, and are, often used to give color of title in various situation ssome of which are fraudulent. The quit claim deed has no warranty. only a tax professional can help her with the tax question and we have some here but paying $50k for a quit claim deed seems to me to be chancy since you have idea of what interest the grantor has.

Reply by Jeanna Brown on 1/26/07 1:38pm
Msg #172701

Just to clarify, the property was in her name she transfered the property and was cashed out. There is no documentation of a cash transaction and was wondering if the Quit Claim Deed should have listed the amount received on it.

Reply by Charles_Ca on 1/26/07 3:07pm
Msg #172728

Jeanna all deeds must have a consideration but...

The consideration may be monetary, it may be good consideration or it may be other things. Good consideration can be defined as love and companionship. Other things are obvious in itself. The granting statement in a deed usually states "for consideration received..." and may not have a specific amount.

Reply by Susan Fischer on 1/26/07 1:22pm
Msg #172696

Are you discussing this issue with the borrower?

Reply by Jeanna Brown on 1/26/07 1:35pm
Msg #172700

Re: Quit Claim Deed

This is not my client. It happened to someone I know as she was tranfering property.

Reply by Les_CO on 1/26/07 1:52pm
Msg #172706

Re: Quit Claim Deed

Charles is correct. A Quit Claim Deed transfers only the interest you have. The term "good and valuable consideration" is often used. Some states a monetary figure used in conjunction, as in " $10.00 and G&V consideration". Here in CO the county want's the actual "sale price" for recording. Or perhaps some wording like "corrective deed, no doc fee". Sounds to me like your friend should see an attorney, or at least a CPA. The guy she gave the deed to may have some concerns! I would!

Reply by sue_pa on 1/26/07 1:59pm
Msg #172710

A little late now but I am always amazed at people who transact real estate without the benefit of professional help and then wonder after the fact, what if ...

Didn't she have a settlement sheet? What about a signed contract? Those documents would provide a paper trail.

I'm not in CA and I know things are VERY different out there real estate law wise but in PA a deed doesn't ever have to show the consideration. I also would personally never, ever accept a QCD if I were purchasing a property.

Reply by Les_CO on 1/26/07 2:05pm
Msg #172712

Re: Quick Claim Deed-Sue

Yes, what about Title Insurance? Maybe an owners policy? Sounds to me like a fast divorce property settlement. No lawyers, no professional advice of any kind. Hope it doesn't come back to haunt them.

Reply by Jeanna Brown on 1/26/07 2:23pm
Msg #172716

Re: Quit Claim Deed-Sue

Thank you for the feed back. You are exactly right. There was a divorce and they wanted to get it done quickly with all the no's. no real counsel on the proper way to handle the transaction. I will advise her to consult with a CPA & possibly an atty. English is not their primary language at that so that causes another dynamic. I was informed of all the details ... after the fact.

Reply by Les_CO on 1/26/07 2:58pm
Msg #172725

Re: Quit Claim Deed-Sue

She could (will) have some tax consequences. So if she files a return, she should go to an accountant

Reply by Mark/SanJose on 1/27/07 6:10am
Msg #172819

You Are The Notary, No More

Your question is completely out of order!

You are there to identify and confirm the identity of the signer of the document. As a Signing Agent you may also assist in properly completing documents.

But THAT IS ALL! You could get the next 3 generations of your family sued into oblivion if you insist on meddling in other peoples business.

You are NOT there for any other reason, and very particularly NOT to evaluate the documents or provide advice to ANYONE.

If you cast aspersions upon a document or deal that cause a failure of execution you are fully liable for the losses of anyone that may want to put you in their sights.

You are the Notary, no more, no less.

Mark

Reply by PAW on 1/27/07 7:39am
Msg #172827

Re: You Are The Notary, No More

>>> You are there to identify and confirm the identity of the signer of the document. As a Signing Agent you may also assist in properly completing documents.<<<

I disagree that you are there to "assist in properly completing documents." If you do that, it may easily be construed as UPL. Your statement is actually in conflict with a following statement:

>>>You are NOT there for any other reason, and very particularly NOT to evaluate the documents or provide advice to ANYONE.<<<

Assisting in the completion of a document IS providing advice. Even a signing agent should never assist in the completion of a document, other than to state the document must be completed.

>>>You are the Notary, no more, no less.<<<

You are much more than just a notary. The notarial "job" is probably less than 10% of the entire role of the signing agent. You are the Notary, but your also the Signing Agent. Two hats, two purposes, two goals.