Legal Question in Real Estate Law in Minnesota
Quit Claim Deed
My brother and I own a cabin jointly and I am selling my half to him. We are going to do a quit claim deed for him to file with the county. Can you tell me what else the county will need from me-the seller? He is telling me that the county needs to have the mortage company payoff papers and that it has to be the original not a copy. Is this correct? Doesnt the mortgage company send something to the county when a loan is completed?
Besides that my brother is not paying me full value of the balance of my loan so I will still have a portion to pay after I get his portion. What happens then?
1 Answer from Attorneys
Re: Quit Claim Deed
A quit claim deed merely transfers your interests in the cabin to your brother. It makes no guarantee as to the quality of the title you are passing.
You may, however, be breaching the terms of your mortgage by passing title in such a way. Many mortgages are written to require full payment before you can sell the property. You'll need to check on that.
If you are not going to be paying off the balance of the mortgage, you will still be liable for the remaining balance. If you do not pay the remaining balance, the bank will have the right to foreclose on the cabin.
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