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    upallnite's Avatar
    upallnite Posts: 1, Reputation: 1
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    #1

    Jan 7, 2009, 09:31 PM
    Quitclaim deed
    I own a home in Alabama, no mortgage, clear title. My business partner wants me to quitclaim home so he has an interest in it. If I do so, will I lose the home (currently rental property)?

    Thanks
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jan 7, 2009, 09:34 PM

    And why should you give him part of your home?

    Is he buying part of it ? Are you sellng the home to the business ?

    You can do a new deed with both names on it, but then he will own part of the home.

    I mean if you are just signing it away I am sure many of us would like to have someone sign a home over to them
    pacific nw's Avatar
    pacific nw Posts: 117, Reputation: 11
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    #3

    Jan 10, 2009, 02:49 AM

    Wow, that's one of the dumbest thoughts I've run across in a long time. (Not to be mean mind you.) Unless you really, really, really, like your business partner.

    Do a quick Google search for how many businesses fail, how many business partners sue each other, how much that costs and boy oh boy, what if the partnership breaks up?

    How is the capital gains handeled after you break up or the house is sold. What if one of you dies, which side of the business has relatives that are going to sue the other for the property? What happens if one or the other gets sued by a third party?

    Yes, you will probably lose the home, one way or the other if you go through with their request.

    But hey, sure go ahead, I don't see any problem with your idea.
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