Legal Question in Real Estate Law in Nevada
Quit Claim Deed
About, 4 years ago, the owner of this property, was having problems paying the morgage and taxes. He offered it to his boss, his boss had to pay $4,000.00 to save it, and then take over payments.
Everything was fine, until one of the tenents stopped paying rent.We went along with the owner ''the boss'' looking to see if we wanted to rent it. On the way over, he offered to sell the property to us, just taking over the payments, plus giving him $4,000.00. $200.00 every month for two years.
We took him in on the offer. Now here is the problem. The boss never did any paper work on the property, he was just paying the bills. He was going through a divorce. The real owner wants to do a quit claim deed with us. We were hoping to to just keep paying the morgage bills and taxes. Will we have to pay the entire morgage, or just keep paying the morgage and taxes as it is?
How does a quit claim deed work? What is the best way to get this property? We want to rent it out, and buy larger trailer close by. There are two trailers on the lot we want to rent out. One is rented already. We've been in the house for over a year. We've got to get something done.
Thank you for any help you might have, we don't know what to do.
2 Answers from Attorneys
Re: Quit Claim Deed
While this may not seem like much help, you should see a lawyer.
Re: Quit Claim Deed
You have a couple things in your favor here. . . . First, the "actual" owner is still available and willing to cooperate to clear up the mess, and second, the property is intact and you are in possession. An attorney will need to know what contracts have been entered in relation to the property, and review them to help determine everyone's rights and obligations. For example, did "the boss" get anything in writing from the owner? Are you a party to a written lease agreement with "the boss?" Did your rental contract include a provision for lease-option to allow you to purchase the property, and to give you credit for the extra $200/month you have been paying for a year?
You need to understand that a quit-claim is probably not the "cleanest" way to handle this problem. All a quit-claim deed says is, "I give (sell) you whatever interest I may have in this property, if in fact I have any interest." It would be much better to open an escrow at a title company with a written offer and acceptance, from which full escrow instructions and other documentation can be drawn. To secure "the boss's" interst (in the remainder of the down payment owed) it might be prudent to do two simultaneous escrows -- first transferring the property to him, then from him to you.
I would be happy to assist in any way I can to help ensure your interests are protected and everyone's intentions are realized here. Please call or email if you wish further help. 775-358-1958
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