Legal Question in Real Estate Law in Florida

I am thinking to buy a home with a co borrower, that will not live in the property, Its possible that he could sign a quick claim deed during closing or soon after ? He is doing it because the income I can prove is not enough,he needs money and I am paying him 3000k on return? Can I do something to protect the property and myself for future problems? Is doing that even legal? I plan to fix my income in the next two yrs and refinance. Thanks in advance for the answers.

DG


Asked on 8/16/12, 9:25 am

1 Answer from Attorneys
Joseph Justice The Justice Law Firm

Your question is a little confusing. A quit claim deed (not quick claim) just conveys whatever interest someone has in a piece of property to another. It will not extinguish a mortgage. If the goal of this transaction is just to get property without paying the mortgage then it will not work and is probably mortgage fraud. A bank will still have the right to foreclose and he will remain liable for paying on the mortgage.

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Answered on 8/16/12, 12:53 pm


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