Need advice on quitclaim process - Posted by Daniel

Posted by Lloyd Cook, Los Angeles on January 23, 2002 at 23:55:48:

A quit claim deed is legal but it only conveys the interest, if any, that the person has in the property. I would suggest that if you go ahead with the deal that you put each property into a land trust, have the owner deed the property into a land trust, only after you can be sure he/she is on title and can convey clear title to you.

Do the properties have an existing loan on them? Will you be taking them subject to this loan? If so, use the land trust above.

What you need to look out for is will the properties have positive cash flow? Will you be able to sell for profit. Do you want to own them? What kind of tenants do they have, do you want do deal with them? Be sure you don?t pay too much for this finder, 1% tops.

Need advice on quitclaim process - Posted by Daniel

Posted by Daniel on January 23, 2002 at 13:09:07:

I have a guy who is offering (for a finders fee ) me several houses some singles some multi and the current owner will quit claim them to me and I pay the mortgage and all the bills myself. I would basically take over the houses. What do I need to look out for? What exactly does a quitclaim do for me? Is this legal? ANy help would be appreciated.