Results 1 to 4 of 4
  1. #1
    Join Date
    Mar 2011
    Posts
    4

    Default Land Contract and Quitclaim Deed

    My question involves real estate located in the State of: Ohio

    Does a quitclaim deed void the obligations of a land contract?

    We tried selling property on a land contract, but the buyers defaulted and now we're trying to get them to pay us for some damages and remaining mortgage balances, which are all outlined clearly in the contract. We're having issues now trying to get them to pay their obligations, and are considering small claims court. We had them sign a quitclaim deed to remove their interest from the property so we could put it back on the market for sale, and I was wondering if by having them sign the quitclaim deed, if that freed them of their obligations of the contract.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    71,779

    Default Re: Land Contract and Quitclaim Deed

    If all they did was quit claim the property back to you, with no other agreement or release of any sort, then that act alone should not affect any amount they still owe dating back to when the land contract remained in effect.

  3. #3
    Join Date
    Mar 2011
    Posts
    2

    Default Re: Land Contract and Quitclaim Deed

    It was in effect as long as the contract is not expired yet.

  4. #4

    Default Re: Land Contract and Quitclaim Deed

    Attorneys here in Florida place language in the deed signed by the borrower in default that states essentially that there is no merger of the lien and fee simple conveyance and the debt still exists. Since you didn't mention that your QC has that language you would be subject to the commone law interpreation by the Ohio courts on this issue - assuming there is no applicable state statute.

    You got the property back without having to foreclose. If you can sell the property for around the former mortgage balance you've done a lot better than most professional lenders.

    1. Sponsored Links
       

Similar Threads

  1. Deeds - Quitclaim: Removing Someone from Your Deed by Quitclaim
    By brunandlouise in forum Ownership and Title
    Replies: 1
    Last Post: 12-02-2010, 01:03 PM
  2. Land Contracts: Can I Start a Land Sales Contract After I Have Quitclaimed a Piece of Land
    By martin007 in forum Real Estate Finance
    Replies: 1
    Last Post: 08-22-2010, 06:21 PM
  3. Deeds - Quitclaim: Can You Dispute A Quitclaim Deed?
    By dhorton43 in forum Ownership and Title
    Replies: 5
    Last Post: 07-09-2010, 06:28 PM
  4. Deeds - Quitclaim: What is the Effect of a Quitclaim Deed
    By exs in forum Ownership and Title
    Replies: 3
    Last Post: 07-20-2009, 02:56 PM
  5. Deeds - Quitclaim: What's a Quitclaim Deed?
    By all4evrhis in forum Ownership and Title
    Replies: 2
    Last Post: 01-14-2009, 11:49 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
 
Forum Sponsor
Real Estate Forms
Real estate forms and contracts, state specific, immediate download.




Untitled Document