Unless a quit claim deed is valid, it can be withdrawn without agreement between the two parties.Several steps must be taken before a quit claim deed can be valid. In most states, the deed also must be signed by the grantee.A quit claim deed transfers interest in a property from a grantor to a grantee. In some cases, this gives the grantee full ownership of the property, but the grantee is not guaranteed ownership rights.
The details of these requirements may differ depending on the state in which the trust is executed.
The law will not enforce a trust executed by a settlor who does not have mental capacity to execute.
The Court very recently “clarified” that 2012 ruling, however, to note that where MERS is the agent of the note holder, such reunification is required because MERS would be authorized to foreclose for the note holder at the note holder’s request based on the agency relationship.
In 2012, the Nevada Supreme Court adopted the Restatement approach to the transfer of mortgages, holding that the deed of trust and note could be split so long as both were held together at the time the foreclosing party sought to institute foreclosure proceedings.
No agent of the holder of the beneficial interest under the mortgage or deed of trust, original trustee or substituted trustee under the deed of trust may record a notice of default or otherwise commence the foreclosure process except when acting within the scope of authority designated by the holder of the beneficial interest.
(b) In performing acts required by this article, the trustee shall incur no liability for any good faith error resulting from reliance on information provided in good faith by the beneficiary regarding the nature and the amount of the default under the secured obligation, deed of trust, or mortgage.In some situations, property owners seek to transfer their interest in the property to another entity.A quit claim deed makes this possible, and this legal document requires minimal action on the part of both parties.(3) Except as provided in paragraph (4), after the lapse of the three months described in paragraph (2), the mortgagee, trustee, or other person authorized to take the sale shall give notice of sale, stating the time and place thereof, in the manner and for a time not less than that set forth in (5) Until January 1, 2018, whenever a sale is postponed for a period of at least 10 business days pursuant to Section 2924g, a mortgagee, beneficiary, or authorized agent shall provide written notice to a borrower regarding the new sale date and time, within five business days following the postponement.Information provided pursuant to this paragraph shall not constitute the public declaration required by subdivision (d) of Section 2924g.The court held that during the time the note and deed of trust are “split,” because the deed of trust is assigned to MERS, no party has standing to foreclose.