Property Title question (by Frank [TN]) Oct 2, 2008 4:09 PM|
Property Title question (by Opinionated [NC]) Oct 2, 2008 5:02 PM
Property Title question (by MikeA [TX]) Oct 2, 2008 7:50 PM
Property Title question (by Mike45 [NV]) Oct 2, 2008 8:17 PM
Property Title question (by Frank [TN]) Posted on: Oct 2, 2008 4:09 PM
I have the opportunity to buy a property from the IRS seizure. My question is this: The Irs sells me the property with a quick claim deed. Is this complicated to get Title isnurance and convert it to a warranty deed. Ask several lawyers but seem they want a lot of money just for a answer.
By the way the IRS willl only give me this type of tite. --64.12.xxx.xx
Property Title question (by Opinionated [NC]) Posted on: Oct 2, 2008 5:02 PM
It is a Quit-Claim deed. It warrants that the seller (IRS) transfers to you whatever right and title to the property that they have/had, nothing more. It does not even say that they had any right/title to the property, only that they are seeling whatever they did have. If no one ever challenges that deed, it is all you need. But if challenged in civil court, the burden of proof is on the one doing the challenging. All you have to do is to successfully defend against their claims. Warranty deed? In many places, it might take 21 years or so for your title to "ripen" to that level. Borrowing for building on that property might be difficult for several years. I am not an attorney. --66.226.xx.xxx
Property Title question (by MikeA [TX]) Posted on: Oct 2, 2008 7:50 PM
I purchased an IRS sale a few years ago. Part of the reason they issue a quit claim is the 90 days the original owner has to reclaim the property. In my case that is exactly what happened. Went to court against the previous owner to get him out of the house, judge ordered him to pay rent until the 90 days was over. Two days later he paid off the IRS and reclaimed the property (I got my money back and with a few days interest). You can pay a title insurance agency to provide title insurance, for a few hundred bucks you will have a clear understanding of any issues there may be against the title. --75.32.xx.xxx
Property Title question (by Mike45 [NV]) Posted on: Oct 2, 2008 8:17 PM
With a quit claim deed in the chain of title (as a transferring deed, not as a "cleaning up loose ends" deed), you will not be able to get a title policy showing title vested in your name for many years.
I own a property that I acquired by a Quit Claim Deed 15 years ago. I have been paying the property taxes and insurance, and I have been renting the property out, collecting the rent, reporting it on my taxes, depreciating it, etc. for 15 years. But the title company will not issue a title policy showing title in my name!
Which means a bank will not finance a buyer.
Which means I can't sell. Not that I really want to.
I think I'd need to bring a quiet title action to resolve this. But I am happy to keep on owning this property.