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Offer on Vacant House |
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We have a second home that has been on the market for some time sitting vacant. We now have a buyer that would like to do a quitclaim. He is offering a fair amount above the balance of our mortgage. How does a quitclaim work. What risks are involved for us. Who is responsible for the next 12 months for the up keep, taxes and so on? My understanding is he would pay us a lump sum up front then make the monthly payment for 12 months before paying off the mortgage. |
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Don't sign over your house unless the buyer gives you the full price at the closing and you pay off your mortgage then and there. If the mortgage isn't paid off, you remain responsible whether you own the house or not, and the lender has the right to call the whole amount immediately when you sign the deed.
Ask your buyer to give you the proposal in writing, and take it to your own attorney for advice before you sign anything. You could end up in real trouble, no longer owners, still liable for the loan. |
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Edith
Originally published on April 8, 2008 |
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