InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Just a simple transfer... Posted by Ward-CA- on November 28, 2003 at 8:33 PM In Reply to: 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? ======================== Suzanne, Use the quitclaim deed. The 3.3% state withholding doesn't apply, nor does the prorating of taxes since the transfer doesn't constitute a sale since it's pursuant to a court order. Hope this helps. Follow Ups: 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? : ======================== : Suzanne, : Use the quitclaim deed. The 3.3% state withholding doesn't apply, nor does the prorating of taxes since the transfer doesn't constitute a sale since it's pursuant to a court order. : Hope this helps. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455