Quitclaim Deed - Posted by surfdog

Posted by dewCO on January 19, 2001 at 19:11:49:

Check with your title company. They should be abel to tell you if they can fully insure you as well as your buyer when they check the chain of title, and also if it makes a difference to them how the title is transferred.

In my state, I’m told that if I get a sheriff’s deed I need to do an action to quiet title (several thousand dollars, depending on how long it takes) before I’ll have clear enough title for them to insure to the next buyer.

Quitclaim Deed - Posted by surfdog

Posted by surfdog on January 19, 2001 at 17:49:01:

Hi Folks

I made an offer to buy a prop for all cash (a rehab candidate)that is being sold by a lender who purchased prop at sheriffs sale.Ostensibly, this extinguished all of the outstanding mortgages and liens. This lender accepted my offer but wants to offer me a quit claim deed instead of general or special warranty. I am still going to get title insurance, but has anyone had any problems reselling the prop after rehab when acquiring by a quit-claim deed?

Also, if I should decide to flip the prop before closing, is there a good way to not be too embarassed when the new buyer realizes how much I am making on the spread?

I love this forum, and I make sure to contribute answers when my expertise is needed.