A quit claim deed gives the grantee (in this case you) whatever interest the grantor (in this case your buyer) has in the real property. So, by them quit claiming their interest to you, they give up any and all interests they have in the real property. Having said that, by allowing them to maintain possession of the property after the QCD could potentially trigger some new tenancy interest in the property. Should you choose to enter into a formal agreement for the additional period of time that you allow them to stay, I would suggest consulting a local attorney to draft the agreement to make sure that #1 it allows you to evict them in the most timely manner should they refuse to leave as agreed and #2 holds them personally liable for any damages they cause to the property. Further, I would advise that you do a walk through of the property at the time of the QCD so you can both document the condition of the property at that time and then again when they vacate.
Your best (least costly, safest) option is to follow the procedures mandated by statute to formally cancel the contract for deed. Failing to follow the correct protocol may result in any number of unintended consequences and may make it more difficult and more expensive for you to sell, mortgage, or rent your property at a later date.
Given that you are talking about taking an action that could have a serious impact on the future value of your property, it seems unwise to take a risk on a DIY solution. You should hire an attorney who specializes in Residential Real Estate and have them help you through the correct process.
The proceeding is simply for informational purposes. It does not create an attorney-client relationship.
I agree with prior advice. Try to look at it as if you were a court reading this information impartially. Have you consulted an attorney yet? Getting advice on Avvo is fine, but we are both limited by how much information we can exchange -- character limits. So if you hire someone you can get more of their time to explain the problem to you.
Here, if you want a QCD from the buyer, I'd leave out any other information about letting the buyer stay, because that would confuse the court. And if you feel like letting the buyer stay, fine, but make that a separate agreement that's very clear on what the limits of the tenant are.
Is this “helpful” or a “best” answer? Please mark it if it was, and I hope it was! Thank you! Nancy L. Ballast is an attorney in west Michigan, with a practice centered on family law, estate planning, and criminal law. www.nancyballastlaw.com
Hello. A few points: You shouid follow all statutory provisions very carefully and exactly in termination of the QCD, and you should be very careful in the construction of any written agreement. Be very careful in abiding by all conveyance and recording statutes. Errors in matters of real estate are typically markedly costly to remedy, and the harm you create now may not come to light until years in the future. Your attorney will assist you and endeavor fully to protect your interests and help you to achieve your goals.
Minnesota licensed attorney
Your best route is to follow the procedure for statutory cancellation of the contract for deed. I would retain an attorney for this process, as you want to make sure it is done correctly so as to avoid problems for yourself when you go to sell the property again in the future.