Quitclaim?

What is the name of your state?

Florida here -

I have owned a property for 4 years and a biz partner wants to invest cash into me / my property, in return for a $ share when the house sells in the future.

In return for his intital cash investment today, can I quitclaim to him 25% of the porperties interest?

Thanks - Rhett

[I AM ALWAYS LIABLE]

Originally posted by chiefdawg
What is the name of your state?

Florida here -

I have owned a property for 4 years and a biz partner wants to invest cash into me / my property, in return for a $ share when the house sells in the future.

In return for his intital cash investment today, can I quitclaim to him 25% of the porperties interest?

Thanks - Rhett

My response:

A "Quitclaim Deed" is the wrong vehicle with which to accomplish your intended goal. A quitclaim deed's effect is to pass whatever title or interest the grantor has in the property: i.e., it conveys to the grantee any and all interest the grantor has in the deeded property and, as such, can be construed as an "express written declaration" changing the ownership or characterization of the property.

So, since it is not your intended goal to transmute your entire interest in the property, you'll need a separate contract outlining your goal, and to allow the other party a "lien" on the property as security for the money. Or, you could merely have a new Deed written and filed showing each of your ownership percentages to the property - - however, I don't recommend this method.

IAAL