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A quit claim deed only transfers the grantor's interest in a property, it would be pretty devestating to later find out that the grantor had NO interest in the property. Meaning he gave you a worthless deed. I agree w/ Racelady I would not purcahse property w/o a warranty deed. If the bank owns the property and the title is clear, they should be able to give a warranty deed of some sort. Have you had a title search conducted?
A quit claim deed only transfers the grantor's interest in a property, it would be pretty devestating to later find out that the grantor had NO interest in the property. Meaning he gave you a worthless deed. I agree w/ Racelady I would not purcahse property w/o a warranty deed. If the bank owns the property and the title is clear, they should be able to give a warranty deed of some sort. Have you had a title search conducted?
Here, Banks will hold the property before they will give a General Warranty Deed.
They often will give a Special Warranty Deed, which just means they haven't clouded the title as they have held it.
Independent title search and unqualified Title insurance are must-haves.
I had not heard of a bank giving a QC deed before.
I had not heard of a bank giving a QC deed before.
Me either. I have bought bank owned properties in 3 different states and have never heard of one using a Quit Claim.
As someone else mentioned, the quit claim gives up rights from whoever gives it. It does not remove rights that others may have.
Something is hokey here.
Now, the title insurance. I have a close friend who bought a property a number of years ago. She had a title search done and purchased title insurance. She built a house & barn. 3 years later someone showed up claiming they were the property owner. She had not appeared on the title search. This person wanted to sell the property. It took nearly 2 years to resolve this mess, and my friend ended up writing the other party a check to make her go away. Title insurance company was no help, other than stating this person had not shown up in their search.
I did purchase the property. This was gone over and over with my attorney and another attorney (friend) as well. The title insurance is with a reputable, long standing firm that my title attorney has worked with for 30+ years. Further, he said that in a nearby state, MA, it is now the norm to transfer property via quit claim deed. Banks around here NEVER give a warranty deed. Also, here, in RI, a quit claim deed DOES make ownership promises. The 40 year title search found nothing unaceptable (except two minor items we resolved). The second attorney also noted that a warranty deed is only good for recourse as long as the seller (a small bank) happens to stay in business. I doubt I would have been given strong advise that this is a reliable tranfer, a normal one, and a safe one, if it was not so. Maybe in RI, a QCD is different (more robust) than in other states you folks have mentioned.
Racelady, how much did your friend end up paying (just curious)? What type of deed was it and in what state? And more importantly, was that previous owner IN the recorded title records, just not found?
I did purchase the property. This was gone over and over with my attorney and another attorney (friend) as well. The title insurance is with a reputable, long standing firm that my title attorney has worked with for 30+ years. Further, he said that in a nearby state, MA, it is now the norm to transfer property via quit claim deed. Banks around here NEVER give a warranty deed. Also, here, in RI, a quit claim deed DOES make ownership promises. The 40 year title search found nothing unaceptable (except two minor items we resolved). The second attorney also noted that a warranty deed is only good for recourse as long as the seller (a small bank) happens to stay in business. I doubt I would have been given strong advise that this is a reliable tranfer, a normal one, and a safe one, if it was not so. Maybe in RI, a QCD is different (more robust) than in other states you folks have mentioned.
Racelady, how much did your friend end up paying (just curious)? What type of deed was it and in what state? And more importantly, was that previous owner IN the recorded title records, just not found?
Sounds like you touched all the bases, and once again showed that real estate functions at a local level.
Racelady, how much did your friend end up paying (just curious)? What type of deed was it and in what state? And more importantly, was that previous owner IN the recorded title records, just not found?
Quote:
Originally Posted by Racelady88
Me either. I have bought bank owned properties in 3 different states and have never heard of one using a Quit Claim.
As someone else mentioned, the quit claim gives up rights from whoever gives it. It does not remove rights that others may have.
Something is hokey here.
Now, the title insurance. I have a close friend who bought a property a number of years ago. She had a title search done and purchased title insurance. She built a house & barn. 3 years later someone showed up claiming they were the property owner. She had not appeared on the title search. This person wanted to sell the property. It took nearly 2 years to resolve this mess, and my friend ended up writing the other party a check to make her go away. Title insurance company was no help, other than stating this person had not shown up in their search.
Title says it all. The lender foreclosed, then marketed the property and I signed a P&S for it at a price I thought was fair. My title attorney was given a quitclaim deed. I will be getting owners title insurance.
Thoughts? What type of deed (Warranty/Quitclaim) is more commonly provided with a foreclosed property and will it affect me selling the property later on down the line?
I'm looking to do a short sale on a property. I've heard of cases where I would buy the deed from current owner (who is in foreclosure) and then either rent the property while waiting on the foreclosure process or attempt a short sale where I would have control over the property or negotiate the short sale. My concern is that I would not be able to buy the property at the short sale being that I'm on title now Any suggestions or input Thank You
My daughter pain my past due taxes, the house was about to go into tax foreclosure. She says she now owns my house . How can she do thst?
Did she pay the past due taxes at a tax sale or did she just walk into the tax office and pay it for you?
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Quit claim deed
