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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Grant Deed v. Quit Claim Posted by Suzanne Reed on November 28, 2003 at 10:23 AM I am an Escrow Officer in San Diego CA; I was asked to be an accomodator for a transfer/sale of a property by one of my clients. The transaction involves a property that was purchased by 2 brothers ( Jack and Bob) each contributing 50% of the $ for the down payment however only Bob's name was on the Grant Deed and Note. Jack was a silent partner, yet paid all the mortgage payments. Until, Bob refi. the 1st and pulled equity out and then obtained a 2nd without Jack's knowledge. When Jack discovered he sued Bob and won. The judgment granted was the following: Bob was to release and relinquish all right to the property to Jack, and to pay Jack $125,000.00. My question is: Do I draw a Grant Deed or a Quit Claim? and do I have to withhold 3 1/3% of total sale price for CALFRIPTA? And, do I pro-rate the taxes? Follow Ups: Just a simple transfer... Ward-CA- 8:33 PM, 11/28/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I am an Escrow Officer in San Diego CA; I was asked to be an accomodator for a transfer/sale of a property by one of my clients. The transaction involves a property that was purchased by 2 brothers ( Jack and Bob) each contributing 50% of the $ for the down payment however only Bob's name was on the Grant Deed and Note. Jack was a silent partner, yet paid all the mortgage payments. Until, Bob refi. the 1st and pulled equity out and then obtained a 2nd without Jack's knowledge. When Jack discovered he sued Bob and won. The judgment granted was the following: : Bob was to release and relinquish all right to the property to Jack, and to pay Jack $125,000.00. : My question is: Do I draw a Grant Deed or a Quit Claim? and do I have to withhold 3 1/3% of total sale price for CALFRIPTA? And, do I pro-rate the taxes? 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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