Future HOA fees.

[myid4u2c]

[aljohnson007]

From what I can find, the quitclaim deed must have consideration to be legal.
In Florida it has the clause ...for the sum of ten dollars and other valuable consideration to said Grantor in hand paid by said Grentee, the receipt of which is hereby acknowledged......The Grantee does not have to sign the deed but this begs the question of whether or not this would amount to filing a false document since there was no money paid and therefore the Grantee could bring action to revoke, especially if they are now responsible for the HOA dues and property maintenance.

[justbroke]

Any thoughts?

My only thought was that this may be a fraudulent conveyance. A lender does not have to foreclose on a property, so never has to legally take possession. Nothing can force them to do so either.

Quit-claiming a property back to the lender (or anyone) who didn't explicitly ask for it, may be considered a fraudulent conveyance. I know it would be in the Bankruptcy sense, but just because you can QC something without another parties signature, doesn't mean that they were a party to that transaction.

You'd also have to record the QC document as well. I think in Florida, a QC requires some consideration ($100 is the smallest amount I've seen). So, I looked at Georgia, and you do indeed need some consideration paid to and accepted by the grantee. The form(s) I reviewed indicate consideration of $1 to be paid to the grantee.

[shabam]

Boy do I cringe even hearing the word HOA.

One of the dumbest concepts to ever kick off.

[justbroke]

Boy do I cringe even hearing the word HOA.

One of the dumbest concepts to ever kick off.

Wait, you haven't heard CDD yet have you?

[hereforinfo]

A quit claim deed only releases your rights to the property, but not your financial liability.

[myid4u2c]

I did not even think about "consideration", the requirement for "consideration" would make this not work. Thanks for the replies.