Quit claim Deed, how does it work? - Posted by Reg(TX)


#1

Posted by Bill Gatten on January 22, 1999 at 14:09:22:

Good job!

A Quit Claim says, “I’ll give all my rights and title, if I have any.”

Bill


#2

Quit claim Deed, how does it work? - Posted by Reg(TX)

Posted by Reg(TX) on January 22, 1999 at 10:42:39:

Forgive me if I do not have the terminology correct. I am still learning this real estate lingo. People on this site are awsome! You have so much knowlege I learn quite a bit from reading all the post.

My question to anyone that can answer. How does a quit claim deed work? And is it binding if a person quit claims thier property to you or the lender?

If I am not using the right terminology I am trying to ask about the form that a property owner uses to just give back a property before foreclosure.
Reg(TX)


#3

Deed in lieu of foreclosure - Posted by Jason-DTX

Posted by Jason-DTX on January 24, 1999 at 12:26:40:

Your last sentence asks about a form of giving the property back to the lender before foreclosure. That would be a “Deed in Lieu of Foreclosure”. It is basically a warranty deed but the consideration is “the extinguishment of your note and deed of trust”. Your lender must be willing to accept the deed in lieu because in Texas a lender has up to 4 years to foreclose even after receiving a deed in lieu.
If the lender agrees to accept a deed in lieu then you need to get it in writing.
Jason


#4

Thank you, This forum is unbelievable! - Posted by Reg(TX)

Posted by Reg(TX) on January 24, 1999 at 11:12:11:

Thanks to both of you. This site is so unbelievable. I could sit here all day and just read the posts. I have been reading all the new posts since I posted this one and copied and pasted so much I am afraid I will have to get myself a bigger hard drive.:-),There is so much knowlege I am sincerely in awe! This site is a real estate seminar for free! Thanks a million from a newbie
Reg(TX)


#5

Re: Quit claim Deed, how does it work? - Posted by David Alexander

Posted by David Alexander on January 22, 1999 at 11:23:39:

A quit claim deed transfers all rights and interests a person has in a property.

A warranty deed transfers all rights and interest in a property and the person is guaranteeing that they have an interest or ownership in the property.

I could quit claim you the Brooklyn bridge, but, since I have no ownership in the bridge, I would have given you nothing.

With a warranty deed on the other hand I could I would have a recourse as your were telling me you had an interest in the property.

I believe I explained that right, anyone else, care to add to that or explain it better.

David Alexander