Posted on: 12th Mar, 2009 07:57 pm
i am buying a lake house costs around $15k. here is what the seller is stating:
"there has never been an abstract. the previous owner furnished us a quit claim deed and guarantee that there are no liens against the property."
the seller is saying that the previous owners of the home also gave them a quit claim deed. and the previous people before them agave a quiet claim deed. and so on for about 5 other owners.
the actual owner of the property was an old couple. the wife passed away, but the husband is still alive but live in another state. i think that's why there is a quit deed claim?
now, as the new buyer, i would like to buy it.
my questions:
1) if i buy the property for $15k, how do i know or where do i go search in oklahoma that i don't owe anything more once i pay the seller?
2) does it mean that i own this acre of land plus the cabin?
3) can anyone from the past (owners of previous quit claim deed) come to me and say they are the owner and i must leave the property after i paid the $15k?
4) is it safe to buy the property? is there any other deed that i should request?
5) do i need any novation form? it's only 15k cabin and acre lot.
6) what should i be truly concerned about buying this property?
thank you,
"there has never been an abstract. the previous owner furnished us a quit claim deed and guarantee that there are no liens against the property."
the seller is saying that the previous owners of the home also gave them a quit claim deed. and the previous people before them agave a quiet claim deed. and so on for about 5 other owners.
the actual owner of the property was an old couple. the wife passed away, but the husband is still alive but live in another state. i think that's why there is a quit deed claim?
now, as the new buyer, i would like to buy it.
my questions:
1) if i buy the property for $15k, how do i know or where do i go search in oklahoma that i don't owe anything more once i pay the seller?
2) does it mean that i own this acre of land plus the cabin?
3) can anyone from the past (owners of previous quit claim deed) come to me and say they are the owner and i must leave the property after i paid the $15k?
4) is it safe to buy the property? is there any other deed that i should request?
5) do i need any novation form? it's only 15k cabin and acre lot.
6) what should i be truly concerned about buying this property?
thank you,
Hi domainebiz,
I think you can contact the county recorder's office to know if there are any claims or liens on the property. Whether the seller is selling the cabin along with the land should be mentioned in the deed.
A quitclaim deed actually transfers one's share in the property to another. Now if the seller owns only about 50% of the property, that is what you get as the buyer and if he owns almost nothing, you also get nothing. Moreover, a quitclaim deed doesn't state whether the seller is the actual owner or whether there is any lien on the property. This is why there are chances that anyone from the past can claim his/her interest in the property. Therefore, I recommend a Warranty Deed which comes with a gurantee that the title transferred is free and clear. I don't think there's any need for a novation form.
The only area of concern about the property would be the cloud over its title. For this reason, I think you should go for a title insurance when you purchase this land as it can protect you from any title claims in future.
I think you can contact the county recorder's office to know if there are any claims or liens on the property. Whether the seller is selling the cabin along with the land should be mentioned in the deed.
A quitclaim deed actually transfers one's share in the property to another. Now if the seller owns only about 50% of the property, that is what you get as the buyer and if he owns almost nothing, you also get nothing. Moreover, a quitclaim deed doesn't state whether the seller is the actual owner or whether there is any lien on the property. This is why there are chances that anyone from the past can claim his/her interest in the property. Therefore, I recommend a Warranty Deed which comes with a gurantee that the title transferred is free and clear. I don't think there's any need for a novation form.
The only area of concern about the property would be the cloud over its title. For this reason, I think you should go for a title insurance when you purchase this land as it can protect you from any title claims in future.