Posted by $Cash$ on July 08, 2002 at 14:16:05:
Jim,
Someone is going to refinance the house sooner or latter and a Title Company will become involved. I have been in the exact situation you have descibed.
A Quitclaim Deed is very weak as viewed by some Title Companies, they want to make sure the ex doesn’t come back with a claim of some kind in the future.
I would go to a Title Company in your area. They will have the paperwork you need to put your mind at ease. Not all Title Companies like Sub2 find one that does.
$Cash$
Subject To Ownership- Quit Claim Deed Question - Posted by Jim-AZ
Posted by Jim-AZ on July 08, 2002 at 13:01:07:
I’m new to the subject-to side of this business and I have a question.
If the one of the owners of a home that you are trying to take over on a Subject-To transaction has quit-claim deeded the property to the other owner (Divorce), does that person still have to sign all of the subject-to paperwork or just the person that the property has been deeded to?
For example - a couple splits up and the husband deeds the property over to the wife. Since the husband is still on the loan, does he have to sign any of the paperwork if I wanted to do a subject-to deal?
Was just curious about how that would have to be handled. Thanks in advance for you response.
Jim
Definition of Quit Claim Deed - Posted by John Merchant, JD
Posted by John Merchant, JD on July 08, 2002 at 14:19:45:
ALL that a QCD gives is the actual legal ownership interest, with NO WARRANTIES…so, as I’ve said before, but never got paid on it, is I’m perfectly willing to QCD you, or anybody else, all my interest in the Eifel Tower, or Washington Monument, etc.
Get the point? Just because I’m willing to give you a QCD is no indication or statement that I actually OWN the property…just willing to give you my interest, which happens to be NOTHING!
So you’re really not going to have any kind of good legal title until a title company is willing to give you a title policy saying that indeed, you now have title…so in this kind of situation, you may as well order a title right away, so you can know who owns the property, and from whom you have to have a deed…otherwise you’re just betting blindly that the Grantor of the QCD has the whole title…and this would be just like going to the bookie and telling him you’ll take any side of any football or baseball game, anytime, and handing him/her your money!
Think you’d beat the bookie on that one ? Right! But if so, I’ll also sell you my interest in the Brooklyn Bridge, for just another $50,000. Santa Klaus…that’s me !