Legal Question in Real Estate Law in New Jersey
Quit Claim never filed - any muscle left?
In 1988 I bought property with a partner. He made the down paymentand I made the monthly payments. I have a signed contract outlining the terms of the contract, one term being the signing and filing of a quit claim deed if and when I paid him his money back. In 1993, the property value lower than the original purchase price, I paid him his money and he signed and had notorized a quit claim deed. When I attempted to file the deed, I was informed that the notary had neglected to complete the information properly and it could not be filed. Subsequently, the property value has risen dramatically , but the partner has refused to sign a new QC deed. I have the original erroneously notarized deed, the cancelled checks, and the original signed contract. Would I have a fighting chance IF he were to try to share in the pofits at sale?
1 Answer from Attorneys
Re: Quit Claim never filed - any muscle left?
The first issue would be to have your attorney review the actual contract between yourself and your partner, to ensure that your interpretation is correct and also to determine what other rights, obligations, and options you may have under the specific terms of that contract.
Second, your attorney would need to see all your documentary evidence--e.g. records of payments, etc.
Assuming that the only current problem is that the Deed was technically defective in form, as you indicate, and your partner refuses to voluntarily provide a corrected Deed which is suitable to be filed, you can certainly file a lawsuit in which you seek both "equitable relief" (e.g. an order compelling your partner to provide a corrected Deed, or a judicial Deed) as well as monetary damages--e.g. your costs incurred due to your partner's refusal to comply with the partnership agreement.
Of greatest immediate concern is your question concerning distribution of profits in the event of a sale, and the fact that the transferral of ownership has not been recorded. According to what you indicate, your partner does not have a legal or equitable right to share in the profits of the sale, simply because he refuses to provide you with a corrected Deed which can be filed. However, if the Deed remains unrecorded, a third party purchaser may not be willing or able to credit you with the full amount that is due to you.
You need to consult with, and retain an attorney IMMEDIATELY, in particular, if a sale is pending or anticipated! Steps that your attorney might advise you to take would include properly notifying interest parties as well as perhaps filing a "lis pendens" lawsuit on the property. Again, if your partner has been acting in "bad faith", you may be able to recover your costs and attorney's fees from your partner. But, do not delay in retaining an attorney.
I have handled real estate litigation similar to this in the past, and would be happy to speak with you in greater detail if you wish to consider retaining my services.
I strongly recommend that you consult with an attorney immediately so that you can explore your legal rights, obligations, and options. If you wish to discuss retaining my services, contact me at:
(973)-605-8995
[Disclaimer: The above comments are not intended as nor should they be relied upon as "legal advice", which can only be obtained by personal consultation with a retained attorney; at which time the specific facts and circumstances of your case can be thoroughly evaluated. This reply is provided for general informational and educational purposes only, and does not create an attorney-client relationship with the responding attorney.]
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