Dueling Deeds

[ilambert]

What is the name of your state? Florida

Here's the situation. My B-inlaws home has two owners. One owner received their owning interest in the form of a special warranty deed, the other owner received their owning interest in the form of a quick deed.

Can the special warranty deedholder "assert" more control over the property since a special warranty deed is the stronger of the two deeds?

Hope I'm wording this correctly.

Thanks in advance

 

[HomeGuru]

What is the name of your state? Florida

Here's the situation. My B-inlaws home has two owners. One owner received their owning interest in the form of a special warranty deed, the other owner received their owning interest in the form of a quick deed.

Can the special warranty deedholder "assert" more control over the property since a special warranty deed is the stronger of the two deeds?

Hope I'm wording this correctly.

Thanks in advance

**A: get a title report and then post back with the information as to tenancy and percentage of interest.

 

[ilambert]

Can I get that from the property appraiser's office? Do I have to be an owner to request one?

 

[HomeGuru]

Can I get that from the property appraiser's office?

**A: no, from a title company. You may be able to get a brief title summary from the tax appraisers office or from a real estate agent.
*****

Do I have to be an owner to request one?

**A: no, just tell them that you are spying.

 

[nextwife]

And are the deeds from the same party or different parties? If different parties, the "valid" deed would be the one from the party that was legally "in title" at the time the deed was executed.

If BIL got title insurance, the title insurance "protects" BIL against loss as a result of any "covered matters".

The dates on the deeds are also an important factor. If John Q. Owner deeded property to BIL in January, he no longer OWNED the property in Februrary when he quit-cliamed it to Fred E. Eddie (or vice-versa).

As stated, the title company can review the chain of title.

 

[ilambert]

I'll try and explain the chain of events clearly.

Property was originally deeded to BIL, his, wife, and his mother

BIL and wife Special Warranty deeded their interest in the property to one of those companies that offers to "catch you up" when you're almost in foreclosure. This was over a year ago.

MIL now wants her name out of it. So she has just recently signed a quit claim deed to give her share back to BIL and wife.

BIL is talking with a lawyer but unfortunately they're being very tight lipped with MIL and I'm just trying to provide her with an understanding of the situation.

What, if any, is the impact of MIL doing a QD to give her share back to BIL and his wife. Does a SWD give more "control" or "rights" over the property than the QD.

I know this sounds crazy but I can offer more details if anything is unclear.

 

[ilambert]

Does MIL need her own lawyer or is she free and clear once the QD is filed? She really wants out of the mess.

 

[nextwife]

First, If BIL and wife deeded out their interest, then only Mom's interest remains, whatever that is. If there is a mortgage and mom is on the mortage, deeding out her interest does NOT remove her liability for the mortage. If mom QCs, then BIL and wife own part interest and this company owns the remaining interest. Simultaneously. At least, based on what you've posted.

 

[ilambert]

Mom cosigned on the mortgage 7 years ago, but it doesn't show up on any of her credit reports. Does that mean she's not liable for the mortgage?

So am I correct in saying that even though the company has a SWD and BIL & wife will have a QD they will have equal ownership interest in the property?

Does MIL need her own lawyer?

 

[nextwife]

Whatever Mom's ownership is (I don't know if she has an equal third, or BIL and wife had half before they deeded out and mom had the other half) is all she is able to convey.

If she co-signed, until the mortgage is paid off, either by refinance or sale, she IS also liable. She should see an attorney before doing anything.

 

[ilambert]

Last post...thanks for all your help.

So if we run a title report it will spell out the exact interest each owner has in the property?

 

[nextwife]

Yes. A title company can review the various documents and determine what ownerships each party has. And don't let her QC without attorney advice FIRST.

 

[ilambert]

Thanks for your assistance. The advice was very helpful.

 

[HomeGuru]

Another satisfied customer.