Posted on: 26th Sep, 2009 07:47 pm
i am going to purchase a piece of property from my neighbor. i called a lawyer and will all of the misc fees, i am looking at $3000 on top of the sellers asking price. in order to help cut costs, can i just use a quit claim deed instead and it would be valid?
any help is greatly appreciated!
any help is greatly appreciated!
Probably you want to do warranty deed insted of quit claim deed
Warranty Deed:When a seller is transfering a title to you gurantees/warrantees that the title is freeandclaer of any leins. It also says that the seller is the rightful woner of that property and he/she has the right to transfer the property to the buyer and there are no outstanding claims from the loan holder and also the property cannto eb claimed aby any one else as thier property
Quit claimdeed is done when it is nto asle, but in situations like some one gets married and wants to add spouses name to the property. But if adds the anme to the title and not to the mortgage. Quit claim would say that there is no warranty that some one else can claim it as thier property
Also when you do a wanrranty it is also a good idea to have Titel insurance, which protects the buer and also the seller from any buying disputes abotu wonership or any lein on the property
Warranty Deed:When a seller is transfering a title to you gurantees/warrantees that the title is freeandclaer of any leins. It also says that the seller is the rightful woner of that property and he/she has the right to transfer the property to the buyer and there are no outstanding claims from the loan holder and also the property cannto eb claimed aby any one else as thier property
Quit claimdeed is done when it is nto asle, but in situations like some one gets married and wants to add spouses name to the property. But if adds the anme to the title and not to the mortgage. Quit claim would say that there is no warranty that some one else can claim it as thier property
Also when you do a wanrranty it is also a good idea to have Titel insurance, which protects the buer and also the seller from any buying disputes abotu wonership or any lein on the property
Warranty deed is the best option. it can be used when property is free of mortgages & taxes.
otherwise you have no choice but to use quit claim deed
otherwise you have no choice but to use quit claim deed
you are trying to save $3K. it is ok. meanwhile ensure that there is no tax line attached to property. also if there is any mortgage linked to it, your neighbour is current
So I am understanding that it is best to use the warranty instead of the quit claim.... But could a quit claim be sufficient enough to get the property transferred to me? I am trying to save the $3k at the moment....
Thanks for all of the replies!
Thanks for all of the replies!
you can use quit claim deed. there is no problem.
deidre
Quit claim deed is enough the trasnfer the property to your name, but that does nto gurantee that no one else will claimownership of this property
And you cannot sue the buyer if things go wrong
Quit claim deed is enough the trasnfer the property to your name, but that does nto gurantee that no one else will claimownership of this property
And you cannot sue the buyer if things go wrong
Thanks for the info, I greatly appreciate it!