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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Applicability of §1695 Posted by Ward-CA- on August 08, 2003 at 9:36 PM In Reply to: Quitclaim and Equity Purchase posted by James-CA on August 08, 2003 at 2:26 PM : Ward, : Here is another question for you. If you are attempting to obtain a property from a homeowner via a Quitclaim Deed and you plan to pay the owner "X" amount of dollars (if anything at all), is an Equity Purchase Agreement (or any other agreement) necessary or recommended? And if an agreement is, does the agreement have to have the 1695 provision and notice of cancellation timeline included? =-=-=-=-=-=-=-=-=-= James, Your post doesn’t give us a clue, one way or the other, whether a foreclosure is involved. So, if there’s no foreclosure in place, then you don’t have to follow the dictates of Civil Code Section 1695. However, I would certainly use a Purchase Contract to establish a binding written agreement between the seller and you. However, if the property is in foreclosure and the owner lives there and you don’t intend to occupy the property then the various provisions of CC 1695 do apply. You can view §1695 by clicking on the link below. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : Here is another question for you. If you are attempting to obtain a property from a homeowner via a Quitclaim Deed and you plan to pay the owner "X" amount of dollars (if anything at all), is an Equity Purchase Agreement (or any other agreement) necessary or recommended? And if an agreement is, does the agreement have to have the 1695 provision and notice of cancellation timeline included? : =-=-=-=-=-=-=-=-=-= : James, : Your post doesn’t give us a clue, one way or the other, whether a foreclosure is involved. : So, if there’s no foreclosure in place, then you don’t have to follow the dictates of Civil Code Section 1695. However, I would certainly use a Purchase Contract to establish a binding written agreement between the seller and you. : However, if the property is in foreclosure and the owner lives there and you don’t intend to occupy the property then the various provisions of CC 1695 do apply. : You can view §1695 by clicking on the link below. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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