Posted on: 17th Feb, 2008 03:03 pm
Hi there, I am looking for cheap real estate on ebay. I am coming across a lot of Quitclaim deeded properties that were foreclosed then bought from the bank by real estate companies. If I buy a quitclaim (supposedly free and clear) can I have the deed changed to a warranted deed? And can I just assume if there are no other claims that I can just show up and start living there?
Hi Steele,
Welcome to the forums.
I guess you wish to buy a quitclaimed property. In case you wish to change it to a warranty deed, you need to ask the real estate company to transfer the property to you using a fresh deed, this time a warranty deed. But instead of changing the deed, I think it's better if you can do a title search on the property to confirm that there is no lien attached to the property-title.
Take Care
Welcome to the forums.
I guess you wish to buy a quitclaimed property. In case you wish to change it to a warranty deed, you need to ask the real estate company to transfer the property to you using a fresh deed, this time a warranty deed. But instead of changing the deed, I think it's better if you can do a title search on the property to confirm that there is no lien attached to the property-title.
Take Care
Do not buy a quitclaim deed on ebay. It is probably a scam. As I have stated many times, a quitclaim deed does not transfer a property interest. All it does is give up any property the grantor *may*, i repeat *may* have. It does not mean that person has any title at all to the property!
I could sell you a quitclaim deed to any property on the planet and all it says is I am giving any property interest I have in that property. It does not mean I have any property interest at all. I may have no property interest at all and it would still be legal to sell you a quitclaim deed.
If you are buying real estate from anyone, get a warranty deed. Quitclaim deeds should only be used in special circumstances. If you have any questions, contact a local real estate attorney.
I could sell you a quitclaim deed to any property on the planet and all it says is I am giving any property interest I have in that property. It does not mean I have any property interest at all. I may have no property interest at all and it would still be legal to sell you a quitclaim deed.
If you are buying real estate from anyone, get a warranty deed. Quitclaim deeds should only be used in special circumstances. If you have any questions, contact a local real estate attorney.