Risks of signing off on quitclaim deed

[grump]

What is the name of your state (only U.S. law)? California


Relatives want me to sign a quitclaim deed transferring property to me. The problem is I don't know much about real
estate law, don't know anything beyond basic details of what financial state the property is in, and I have no
knowledge about what financial responsibilities I might be obligating myself to aside from some vague idea I might be
responsible for future taxes.

Also, I'm not in the best financial state right now to be handling big property tax bills or outstanding debts of an
unpaid piece or property, and I really don't know how or from who I'll be communicating to for information about debts
from this that might arise. I don't know if the government, private companies etc will now know to send mail my way or
if they'll just bill me and I won't know.

I guess in sum I'm just wondering how much trouble/debts I'd assume simply by signing the
quitclaim deed in the 1. present, and 2. in the future. As well as any potential steps I could take to mitigate the risks. The last thing I want is suddenly being informed that I now owe 100K before the ink has dried.

From what I can gather they'll continue to live there and pay the taxes and stuff.

 

[justalayman]

The grantee (the person receiving the property) does not sign a deed. The grantor (person giving the property) is who signs the deed.

 

[latigo]

Nor do your "relatives" know anything about real estate law!

 

[grump]

The grantee (the person receiving the property) does not sign a deed. The grantor (person giving the property) is who signs the deed.

I got a call to sign a 'quitclaim' so while they signed it I have to sign it too to make the transfer.

 

[justalayman]

I got a call to sign a 'quitclaim' so while they signed it I have to sign it too to make the transfer.

No you don't.

But to make this simple;

A quitclaim conveys only what the grantor actually has a right to convey

If there are taxes owed, they become your debt. Future tax liabilities are yours.

If there are any liens (such as from a mortgage or judgment) you accept the property subject to those liens. Depending what the liens are for the lien holder may be able to force the property be sold so as to be able to collect on the underlying debt if it becomes delinquent.

 

[grump]

No you don't.

But to make this simple;

A quitclaim conveys only what the grantor actually has a right to convey

If there are taxes owed, they become your debt. Future tax liabilities are yours.

If there are any liens (such as from a mortgage or judgment) you accept the property subject to those liens. Depending what the liens are for the lien holder may be able to force the property be sold so as to be able to collect on the underlying debt if it becomes delinquent.

Thanks for the info so far...

If that is true I have no idea why I'm being asked by a notary to sign something. From my perspective is the only thing at risk from property debts the property or can they continue to go after me? I'm mostly concerned about preexisting debts but I'm wondering about future debts as well.

 

[justalayman]

Thanks for the info so far...

If that is true I have no idea why I'm being asked by a notary to sign something. From my perspective is the only thing at risk from property debts the property or can they continue to go after me? I'm mostly concerned about preexisting debts but I'm wondering about future debts as well.

thats even more strange since a notary does not ask anybody to sign anything. They are hired to witness a signature.

Have you seen this deed? Are you certain you aren't the grantor relinquishing any rights you may have in the property? It makes no sense you would be receiving the property yet the current owners will continue to live there and pay taxes and "stuff".

to the rest; your question is so vague it's difficult to give much info other than what I have.

 

[John Se]

One must ask why

Why would someone relinquish their interest in a property? Have they explained it to you?

1. They are in legal trouble, with a possible settlement or judgement or foreclosure or bankruptcy pending. Or they wish to get on the government dole and owning an equity position will prohibit that.

2 if the above does not apply

Then:

Just take it to a lawyer or title company (depending on your state)and conduct a normal sales transaction, it will then be all recorded properly and you will get a title report declaring the contdition of the title. You can buy it for ten dollars.

but still something smells fishy.

A quit claim is not the way to grant title, a warranty deed which warrantees the marketable title is the way to go. but definately with title insurance and a title report so you can guarantee that you have a piece of property you can sell.