Posted on: 03rd Apr, 2009 11:42 am
can you purchase a property using quit claim deed and legally the home is yours...legally your home after filing a quit claim deed
yes, it is legally yours, if...
the "if" can be pretty big. when you acquire a property through a quit claim deed, all that is actually being granted to you is "whatever" interest the person or persons have in the property. in other words, if they own the property 100%, you will own it 100% based on a quit claim deed.
by the same token, however, if someone owns 0% (yes, zero) of a property, they can quit claim that interest in the property to you, and you become the owner of 0% of the property. it is always advisable to take possession of real estate with a warranty deed.
the "if" can be pretty big. when you acquire a property through a quit claim deed, all that is actually being granted to you is "whatever" interest the person or persons have in the property. in other words, if they own the property 100%, you will own it 100% based on a quit claim deed.
by the same token, however, if someone owns 0% (yes, zero) of a property, they can quit claim that interest in the property to you, and you become the owner of 0% of the property. it is always advisable to take possession of real estate with a warranty deed.