Posted on: 11th Mar, 2009 07:57 am
we are looking at buying a home that has a quit claim deed title, if i am saying that right. the seller purchased the home from a tax auction and the title was listed as a quit claim deed. if we buy this home, can the previous owners lay claim to the home if they lost it due to failure to pay taxes and it was auctioned off?
Hi susanlaws,
I don't think the previous owner can lay claim to the property as it has already been auctioned. However, a quitclaim title doesn't convey a clear title. It conveys whatever ownership interest that wxists on the property. If the seller has about 50% ownership interest, you also get no more than that as the buyer. Moreover it doesn't gurantee whether there are any more liens on the property. In case of a title transfer a warranty deed is the best bet as it ensures a free and clear title.
I don't think the previous owner can lay claim to the property as it has already been auctioned. However, a quitclaim title doesn't convey a clear title. It conveys whatever ownership interest that wxists on the property. If the seller has about 50% ownership interest, you also get no more than that as the buyer. Moreover it doesn't gurantee whether there are any more liens on the property. In case of a title transfer a warranty deed is the best bet as it ensures a free and clear title.