We won in a foreclosure and damages. The defendant owns property adjoining ours and wants to sign a Quit Claim Deed in exchange for monies that he owes us. (approx. $50,000, which is the value of the property). He claims that all he has to do is fill out the form, sign it, and record it at the court house. This man has not been honest with us in the past and we are leery of him. We do not have money to spend on an attorney but we don't want to be snookered, either. Please advise.
Construction / Development Lawyer
Yes, I would recommend you retain a real estate attorney and also obtain a title report on the property that the defendant is suggesting he can use to satisfy his debt to you. Some money spent now on counsel is going to be worth it.
Lawsuit / Dispute Attorney
I agree that a lawyer would be best but if that is impossible you should have him provide you with a statutory warranty deed and title insurance. Don't accept the deed until you have reviewed the preliminary commitment for title insurance and can verify the legal description and that the title is not encumbered. By using a statutory warranty deed you will have recourse against him if there are title difficulties. A quit claim deed leaves you without recourse.
Real Estate Attorney
I agree with both previous answers and the quit claim will only be worth what rights the debtor has, if the is a mortgage or lien it will be substantially reduced. Do not sign a satisfaction of judgment until a lawyer looks at all the paperwork.
Only If and until you and I sign an Agreement for Legal Services, I am not your attorney. These answers are provided for informational and/or novelty purposes