Quick Claim Property

The agency claim my property fast in my name and then he sold it to look like fact, I've sold. Money from the property went on my account and was wired to him. The idea is to consider that I am selling the property to obtain a large amount of loans to start buying houses .. How does this sound all relators please help, I do not understand what I was doing at the time now a lawyer told me.

It is called waiver because it means you're giving away your equity in a property. Everything he does is dishonest. Do not do anything with it you can find yourself in jail for fraud.

I do not see why the realtor would do that, or how they benefit you or unless you get money from the transaction. How merely selling the property to help you get a loan? Only the obtaining and repaying loans real help your credit rating.

Any reasonable buyer would like the vendor to provide assurance as to prove that the property is free and clear of all liens or other matters. And you have difficulty providing title insurance if all you have is an act of surrender, or you do not even remember that at the moment.

You went to a lawyer. Did they suggest you contact the Real Estate Board. I think you helped him launder money. Selling a house and have money pass through your account could not help you get a large amount of loans. Especially since you can not have more than five mortgages in your name.

You and the Realtor have just committed fraud. You are what is called a "straw buyer".

Incidentally, it is a "Quit-Claim" deed, not a "Quick-Claim" deed.

it is called renunciation-There is no guarantee on the title so it could be judgments galore on him and he would be the problem purchasers .. Very shady!

I'll take the aspect of fraud that others have come to the right and cut the tax consequences, because this is a forum for tax.

You "buy" the house to $ 10 and "sell" for $ 300,000 a day later. With regard to the IRS (and they will be informed of the sale) you have a capital gain in the short term of $ 290,000. Your tax bill will be on the order of $ 95,000.

Now, you give the proceeds to the broker. If the IRS decides that this is a gift (and you have returned 3 more like this and use your tack $ 1 million lifetime exclusion) on another $ 45 you odd gifts. Or they may decide that he returned to the dealer and hit for $ 95,000 in taxes on the profits on each sale.

I hope you have a HUGE bank balance. You'll NEED it. And then, if you had that kind of scratch lying around you would not need loans ...

Report this to your buttwipe State Council of Realtors. This is obviously not an idiot strongest tool in the shed. Do not join him in prison.