Quit claim deed - Posted by Lew Moore

Real Estate Investing
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Posted by Ben (NJ) on November 03, 2000 at 18:51:08:

sometimes if a property is acquired as a result of a very complex foreclosure, the seller may want to sell it via quit-claim deed in the event someone comes out of the woodwork at some point and claims an interest. In any event, there is no excuse to not have title insurance.

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Quit claim deed - Posted by Lew Moore

Posted by Lew Moore on November 03, 2000 at 16:38:01:

I have an opportunity to buy a house from another investor. He will only give me a quit claim deed. How do I protect myself from a bad title or unpaid leins in this case?

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Re: Quit claim deed - Posted by Claude(Sacramento)

Posted by Claude(Sacramento) on November 03, 2000 at 17:30:09:

I’m not an expert, but couldn’t you have a title company perform a title search before the quit claim and also purchase title insurance to protect your investment?

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Re: Quit claim deed - Posted by Kara

Posted by Kara on November 03, 2000 at 16:59:04:

What is a Quit Claim Deed? I’m unfamiliar with the term. Thanks.

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Re: Quit claim deed - Posted by Eduardo (OR)

Posted by Eduardo (OR) on November 03, 2000 at 16:58:13:

Lew–

By far and away the vast majority of houses sold in this country are transferred via warranty deeds, say about 95%. (It is only in a few cases of divorce or multiple ownership where one ex-spouse or partner wants out are ownership interests commonly transferred by quit claim deed.) There are very few other legitimate cases, usually where a lawyer has advised using a quit claim deed for some legal reason. Except, there is a small number of transfers done where there is something wrong with the title; these are often sucker deals where somebody is likely to get hurt. In your case, there is absolutely no reason that a seller would insist upon a quit claim deed unless there is something wrong somewhere. This is a big red flag of warning. Don’t be a sucker, if you are going to buy this property insist on a general warranty deed AND title insurance. The fact that the seller is an investor should double the warning to you. If in doubt, consult your attorney. --Eduardo