Legal Question in Real Estate Law in Florida

Correct use of Quit Claim in Leu

Property ''A'' has a first and a second mortgage for 100% of its appraised value.

The owner of the property has a Quit Claim in Leu for $3000.- that he failed to honor.

Questions:

1) Who has first right to the property?

2) Who holds responsibility for the 1st and 2nd mortgages?

Thank you.


Asked on 6/06/02, 11:07 am

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Re: Correct use of Quit Claim in Leu

A quit claim deed transfers what ever rights the owner may have. The new owner may have title to the property but it is saddled with the 2 mortgages which will have to be paid off. I advise my clients never take a quit claim deed unless you know what your getting.

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Answered on 6/06/02, 12:21 pm


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