All a quit claim deed does is convey any interest the “owner” may have. It comes without warranties of any kind. I can give you a quitclaim deed to a bridge. All that does is give you any interest I may have in the bridge, which may be no interest whatsoever.
Whether a warranty or quitclaim is used, the lender does not have to sign off on it to have a valid transfer. The remedy for the lender, if they had a due on sale clause in the note and trust deed, is to call the loan due and foreclose. They don’t always do that.
You are correct that a transfer in contemplation of bankruptcy can cause the transfer to be voided. I do not know about Florida law and whether there was any litigation. Even if there were litigation, if the property was not the subject of the lawsuit, he would probably have been able to transfer the house. If there was pending litigation, unless there was a pre-judgment attachment, there would not be a problem with the transfer.
For the record, I taught California RE Law and Econ in college for 10 years.
All correct. Thank you. I’m a lawyer and, like yourself, am just trying to help clear up what this all means because it’s misleading. I usually don’t get into too many discussions here because I don’t have much time to, and in general, people on FR really hate lawyers and think we all suck. I thank everyone else who jumped in to help explain the meaning of the deed language.
There were three quitclaim deeds transferring to the brother in law. This leads me to believe this event was indeed a family affair. Has anybody contacted the attorney who wrote the deeds? I know there is atty-client privilege, but this attorney might not want to be dragged into this issue.
The county appraiser site lists the sale amount as $100. In Florida I believe it is customary to put a sale value of $10 on the deed, while showing the actual sale price in the tax appraiser file.
From St Lucie County online records ... numbers are Book/Page in public records:
On 09-11-2013
3557/2723 -- Property purchased in 3 names: Omar, his sister Miriam, and father Seddique
3557/2726 -- Mortgage from Seacoast National Bank in 4 names: Omar, his wife Noor Salman, sister Miriam, and father Seddique
On 4-20-2015, 3 separate quitclaim deeds to Omar's brother in law:
3859/1053 from sister Miriam
3859/1054 from father Seddique
3859/1055 from Omar himself
All the reporting I have seen on this transaction says something to the effect that Omar deeded "his portion" of the home ownership to his brother in law. Either the media are woefully inept at basic research or they are complicit in deflecting the blame from this family.