Posted on: 30th Dec, 2009 08:43 pm
i just bought foreclosure house from reo llc and the statement said as quit claim deed. i paid all the delinquent bills and taxes, and doing some improvement in the house. my questions can we sell our house? what kind of deed we will sign? is the real estate still has ownership in that house? can we change the deed to other deed such as warranty deed and how can i get my title insurance?
Hi abang,
Now that you have bought the REO property and paid all the delinquent bills and taxes, you have ownership rights to the property. The bank that owned the property does not have the ownership any longer. You are now the legal owner of the property and you can sell the house to whoever you want. When you purchase or sell a home, it is best to use a warranty deed than a quitclaim to transfer ownership. Title insurance is also necessary to make sure the title to the REO property is protected against any defect. You need to contact a title company regarding the title insurance.
Now that you have bought the REO property and paid all the delinquent bills and taxes, you have ownership rights to the property. The bank that owned the property does not have the ownership any longer. You are now the legal owner of the property and you can sell the house to whoever you want. When you purchase or sell a home, it is best to use a warranty deed than a quitclaim to transfer ownership. Title insurance is also necessary to make sure the title to the REO property is protected against any defect. You need to contact a title company regarding the title insurance.